Dust off your bikes: Gas prices hit record highs in London, and more increases are coming

Gas prices rose to a record-high in London on Friday morning, with the new price at the pumps coming up to almost 1.94 per litre, after soaring up by about 9 cents over night. 

Prices will continue trending high, with a spike close to $2/litre by next week, says gas price analyst

Rising gas prices are adding to already high costs of living for Ontarians. The Canadian Tire gas station on Horton St. in London, Ont., has pump prices at 193.9/litre on May 6 (Isha Bhargava/CBC News)

Some people likely pumped on the brakes and did a double take when driving by their local gas station in London on Friday morning, as prices at the pumps soared by about 9 cents overnight, brining the price per litre up to $1.94 at most stations. 

Gas price analyst Dan McTeague said prices are going to continue trending higher over the next couple of days, with a spike hitting closer to $2 per litre as early as next week. 

"By all accounts, it looks like fuel supply is just not meeting that demand, even at these prices," he added. 

Rising gas prices are adding to an already expensive cost of living for most Londoners, who have bills to pay for necessities like groceries and rent, along with supporting their families. 

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

Ashley McNamara is a single parent who said the price jumps for gas are making it challenging for everyday drivers to get by. 

"It's not just gas, it's food prices and everything in general going up, it's making it really hard for people to live.It's outrageous," she said. 

McNamara recalls paying about $60 to fill up her entire tank. It now costs her between $80 to $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 struggle'

Tim Ross needs to drive around the city everyday for his job, and he said he's very unhappy with the constant rise in the price of gas because it's adding a lot to his financial struggles. 

"It's quite a struggle and absolutely a 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 bicycles, I guess, since it costs a lot of money to get around the city."

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

Wayne, who didn't want to give his last name, said he's had to scale back on his driving in order to save up.

"It's getting pretty expensive, I think it's about 200 bucks to fill up my truck now, so I definitely don't drive around as normally as I would," he said. 

While it's not affecting his budget too much, Wayne plans to keep his activities in town as the price hike continues.

"That's about all I can do," he said. "You can't control the gas prices or what's going on in the world, so you just have to deal with it, I guess."

Prices are expected to jump again to nearly 1.96 per litre by Friday night.