Don’t be surprised to see regular unleaded gasoline prices in parts of Metro Indy leap to upwards of $4.15 per gallon Wednesday. Indiana Petroleum Marketers Association Executive Director Scott Imus says many gas retailers across the state have been eating higher wholesale prices and holding the line on markups, until now.
“This time a year we see an increase in prices because of the conversion that’s made by the refineries to produce a more summer, environmentally-friendly fuel. That’s expected. What’s not expected this time a year is crude oil to be trading at between $105 and $110 a barrel,” he says.
Imus’ group represents more than 3,000 gasoline retailers. He says many retailers have been losing money while trying to avoid breaking through the four-bucks-a-gallon mark, but they need to restore profitability, hence the pending spike in gas prices.
Imus says he believes prices will hold steady around the $4.25 per gallon mark for regular unleaded through summertime.