What impact does Canada’s central bank have on gas prices? According to an industry expert, the larger rate cut announced by the Bank of Canada on Wednesday could lead to an increase in gas prices.

“The drop in interest rates may sound like good news, but it will likely boost demand for gas as more drivers take to the road,” said Roger McKnight, chief petroleum analyst at En-Pro, in a blog post on Thursday. “Higher demand means higher gas prices.”

Don’t be misled by the onset of colder weather, as the transition to cheaper winter gasoline has already been accounted for since mid-August.

According to data from Kalibrate, the average price for a litre of regular gasoline in Canada dropped by one cent between October 17 and October 24.

This week, there were significant discounts in Abbotsford, B.C., and North Bay, Ont. However, Gatineau, Que., saw the largest increase, with prices rising by 6.4 cents per litre.