Fuel prices skyrocket as Ike nears

TORONTO — Fuel prices shot up across Canada, but diesel was spared the dramatic pump increase for gasoline.

Gas jumped more than 13 cents a liter overnight in many regions amid fears that Hurricane Ike would reach the Gulf Coast this weekend and disrupt U.S. oil refining capacity.

The average price now is about $1.36 a liter, according to media.

Liberal MP Dan McTeague, a longtime fuel price watchdog, told Toronto media that this is the largest single price hike in 24-hours that he’s ever seen.

Known as a vocal critic of large oil companies, he said the oil giants are taking advantage of motorists.

Diesel, which has been untraditionally higher than gas for most of the year, also increased in over yesterday, but only by an average of 3 cents a liter — from about $1.24 to $1.27 a liter.

According to www.ontariogasprices.com, which rates gas and diesel prices across the province, diesel was lowest in Peterborough and Napanee (around $1.20) as of this morning, while service stations in Englehart, Ont. has posted prices of $1.50 a liter for diesel.