Ohio gas prices set to rise again quickly

Ohio is set to experience a price hike to an average cost of $3.29 a gallon as the result of a price cycle today, the third one in the last week.

That’s according to Patrick De Haan, head of petroleum analysis for GasBuddy, a fuel savings platform that tracks gas prices nationwide, who said it was among the highest margin price increases that he has ever seen, giving stations more room to aggressively cut prices after they’ve gone up.

The average price for a gallon of gas in Ohio was $2.99 as of 2 p.m. Wednesday, according to GasBuddy.

Gas stations engage in price-cycling by steadily lowering prices to undercut competitors, overlooking small market changes daily until their profit margins run thin, De Haan has said.

When that is no longer profitable, they raise prices by 25 to 40 cents per gallon to maintain profit margins of 15 to 20 cents per gallon, he said.

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Eric Schwartzberg