Gas prices set to rise 5 cents a litre in Ottawa on Friday

A person selects a high grade of fuel in Toronto after gasoline prices rose overnight on Wednesday, Sept. 12, 2012. (THE CANADIAN PRESS/Michelle Siu)

It will cost you more to fill up the gas tank heading into the second last weekend of summer vacation.

Dan McTeague of Canadians for Affordable Energy says gas prices will increase one cent on Thursday before increasing another five cents on Friday.

Gas prices are expected to approach $1.40 a litre at Ottawa stations heading into the weekend.

McTeague tells CTV News Ottawa energy traders were "spooked" last week over rising global COVID-19 numbers and word the U.S. Federal Reserve was going to 'taper" easing.

"This spooked the markets, which fell as a result," said McTeague.

"This week there taking a different tack - reality of Mexican oil production offline and demand exceeding supply has markets rethinking their mistake last week. Bottom line, the decrease we saw last week was unwarranted and ignored fundamentals."

He says prices may drop a penny on Sunday.