Analyst: Gas price increase coming this week

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"Gas Pump" by Mike Mozart, some rights reserved

FORT WAYNE, Ind. (WOWO): Drivers in Indiana and Ohio will probably see a big jump in prices at the pump this week.

Petroleum analyst Patrick DeHaan tells WOWO News gas prices will be jumping anywhere from 20 to 60 cents a gallon by Friday throughout both states, and competition between gas stations is partially to blame:

“Essentially, stations have been dropping their prices so fast that they’re losing money. That, combined with an increase that we’re monitoring on the wholesale price of gasoline, usually leads to what we call a ‘cycle’ on the price of gasoline.”

Most places will see at least a 10-cent bump by the time the weekend arrives, but for stations like those in Lafayette, selling gas at $1.66 a gallon, the increase will be a lot more.

“Stations will see a price hike to $2.19-$2.29 per gallon, representing a hike of 45-60 cents a gallon for the cheapest stations in some places,” DeHaan says.

He’ll speak more on the topic Wednesday morning at 7:08am as part of Fort Wayne’s Morning News. 

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