A gas price analyst says the world is facing a supply shock because of ongoing conflict in the Middle East and Russia/Ukraine, and he predicts fuel prices could more than double from where they were last year.

Dan McTeague of Canadians for Affordable Energy says diesel and home heating fuel prices are about to soar.

“Diesel’s $2.74 a litre in St. John’s; furnace oil (is) $2.17. Look for both of those to jump between now and the cold days of winter by about 30 cents a litre. It could be even higher than that, but I don’t know at this point.”

“We’re dealing with a supply shock; we don’t have enough to go around. We don’t make enough to go around.”

McTeague says the provincial and federal governments are going to have to take action.

“For many people, the price last year was intolerable; this year, it’s going to be excruciating. I think provincial and federal governments are going to have to do whatever they can to mitigate the impact.”

Fuel Prices Shift Slightly Overnight

Meanwhile, the regulated price of gas is up by just under a cent a litre.

Diesel is up by 1.3 cents a litre on the island and under a cent in parts of Labrador.

Meanwhile, furnace oil is up by 1.11 cents a litre on the island, while stove oil in parts of Labrador is up by less than a cent.

The PUB says the changes are based on the most recently available market data as of the close of business on Monday.

The Board’s next pricing adjustment comes into effect at midnight tonight.