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An uptick in the price of wholesale gasoline is squeezing profits at stations that lowered prices most aggressively amid a broader falling trend nationally, with GasBuddy head petroleum analyst Patrick De Haan predicting that prices at the pump in several states will likely shoot up soon.
De Haan said on Dec. 26 that a 15 cent per gallon over-the-week rise in the price of wholesale gasoline means stations in some regions are caught losing money, “triggering a likely hike soon.”
“Expecting a hike soon in #gasprices in Michigan, Indiana, Ohio, and areas of Kentucky and Illinois as soon as tomorrow as retail gas prices are now at/below margin in many of these areas,” De Haan said in a post on Twitter, adding he expects a jump to between $3.09-$3.25 per gallon in Michigan, Indiana, and Ohio, and higher than that in Illinois.
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