Kitchener-Waterloo

Gasoline prices spike as Saudi attacks work through fuel market

Gasoline prices have spiked in response to the weekend attack on Saudi Arabia's largest oil-processing plant, which cut about five percent of the world's production.
Smoke is seen following a fire at an Aramco factory in Abqaiq, Saudi Arabia, September 14, 2019. REUTERS/Stringer - RC14425449E0 (Reuters)

Gasoline prices have spiked in Waterloo region in response to the weekend attack on Saudi Arabia's largest oil-processing plant, which cut about five percent of the world's production.

Tuesday morning, the bargain rates around Waterloo region were about $1.11/L but by evening the cheapest sellers ranged between $1.14 low to a $1.19 high.

The price rise comes a few days before what would have been an expected seasonal drop in prices, analysts say.

Oil sector analysts are also warning there is volatility ahead in oil prices.

 

 

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