Dust off your bikes: Petrol prices have hit record highs in London, with more rises to come

Some people probably braked and did a double take as they passed their local petrol station in London on Friday morning as prices at the pump soared around 9 cents overnight, taking the price of a liter to 1 $.94 at most stations.

Gasoline price analyst Dan McTeague said prices will continue to rise over the next few days, with a peak approaching $2 a liter as early as next week.

“By all accounts, it appears that the fuel supply just isn’t meeting that demand, even at those prices,” he added.

Rising petrol prices are adding to an already high cost of living for most Londoners, who have to pay bills for essentials like groceries and rent, while supporting their families .

Ashley McNamara says rising gas prices are even harder to keep up with as a single parent. (Isha Bhargava/CBC News)

Ashley McNamara is a single mother who said soaring gas prices are making it harder for everyday drivers.

“It’s not just gasoline, it’s food prices and everything in general that’s going up, it’s making people’s lives very difficult. It’s outrageous,” she said.

McNamara remembers paying about $60 to fill his entire tank. It now costs him between $80 and $90. In order to make ends meet, she’s going to have to learn how to adjust her budget, she said.

“It’s quite a fight”

Tim Ross has to commute into town every day for his job, and he said he was very unhappy with the ever-increasing price of gas, as it adds so much to his financial woes.

“It’s quite a struggle and an absolutely huge factor,” he said. “It’s going to limit my social life and what I can do because a lot of times I can’t afford to get around. People should start buying bikes I guess because it’s very expensive to get around the city .”

Tim Ross said he’s going to have to limit his social life in his free time as gas prices are getting too expensive for him to keep up (Isha Bhargava/CBC News)

Wayne, who wouldn’t give his last name, said he had to cut back on driving to save money.

“It’s getting pretty expensive, I think it’s about $200 to fill up my truck now, so I’m definitely not driving as normally as I would,” he said.

While this won’t affect his budget too much, Wayne plans to maintain his business in town as prices continue to rise.

“That’s about all I can do,” he said. “You can’t control gas prices or what’s happening in the world, so you just have to deal with it, I guess.”

Prices are expected to jump further to nearly 1.96 per liter by Friday evening.

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