A method of producing a polyether polyol includes reacting a low molecular weight initiator with one or more monomers in the presence of a polymerization catalyst, and the low molecular weight initiator has a nominal hydroxyl functionality of at least 2. The one or more monomers includes at least one selected from propylene oxide and butylene oxide. The polymerization catalyst is a Lewis acid catalyst having the general formula M(R1)1(R2)1(R3)1(R4)0 or 1, whereas M is boron, aluminum, indium, bismuth or erbium, R1, R2, R3, and R4 are each independent, R1 includes a fluoroalkyl-substituted phenyl group, R2 incudes a fluoroalkyl-substituted phenyl group or a fluoro/chloro-substituted phenyl group, R3 includes a fluoroalkyl-substituted phenyl group or a fluoro/chloro-substituted phenyl group, and optional R4 includes a functional group or functional polymer group, R1 being different from at least one of R2 and R3.