Gas prices spike

There’s another price hike at the pumps.

A litre of regular unleaded gasoline is selling just shy of $1.40 at most outlets across southern Ontario. That’s an increase of just more than a penny from yesterday.

Prices have jumped about seven cents in the past week. The record high for gasoline prices in the GTA, Hamilton, Halton and Niagara was set on May 11, 2011 when prices peaked at $1.41 a litre. It’s expected prices will break that record this month. In 2011, prices in Montreal reached $1.49 a litre.

Some industry observers blame the price spike on several closed refineries in the United States that have contributed to a lower supply.