On Tuesday gas prices increased by nine cents, today gas is down by just 2.2 cents a litre.

The steady increase in diesel prices continues, however, with an increase of 4.4 cents a litre, bringing the total to about $2.30 a litre in many parts of the province.

Furnace and stove oil on the island are each up by 3.8 cents, with stove oil in Labrador increasing by 5.79 cents.

Propane is up by less than a cent.

Some analysts suggest that consumer response to rising fuel prices could be a factor in helping to push markets in the opposite direction.

Traditionally, fuel prices start to rise during the so-called summer driving season, but with global prices hitting all-time highs in many areas, some are questioning whether that summer driving season will ever materialize.

OPEC+ previously announced an increase in production over the summer months, but the move is not expected to provide any relief from rising prices.

Goldman Sachs is suggesting that oil could rise to $140 dollars US a barrel this summer, but not all analysts are in agreement.

Senior Investment Advisor with Short Financial, a branch of IA Private Wealth in St. John’s, Larry Short, says it’s consumer response to rising fuel prices which could have the greatest impact.

Short says that while Goldman Sachs is predicting more increases, Citicorp is predicting that prices may dip to $90 dollars US a barrel because of a drop in demand.

Short uses a casual observation as possible evidence that people are cutting back. He says during the last two years, dealerships were unable to keep trucks on the lot. In recent days, he’s noticed a larger supply of pickup trucks for sale on dealership lots.