Average retail gasoline prices have fallen slightly in Saskatoon in the past week dropping by 0.7 cents per litre averaging 133.67 c/L Sunday. GasBuddy.com conducts a daily survey of 81 gas outlets in Saskatoon. That compares to a 1.6 c/L increase in the last week for the national average.

Patrick De Haan, head of petroleum analysis at GasBuddy says with Israel and Iran trading attacks, oil prices have surged to multi-month highs-setting the stage for additional price increases at gas pumps across Canada.

In a news release he said, “As long as tensions in the Middle East continue to escalate, the risk of further impacts on oil prices remains elevated. For now, I expect gasoline prices in Canada could rise by 5 to 10 cents per litre, while diesel could climb 10 to 15 cents per litre in the coming days.”

He suggests motorists should prepare for now – for what will likely be modest increases at the pump but says the situation could worsen quickly depending on how geopolitical developments unfold.