Gas prices Canada: Analysts expect surge by Victoria Day & More News Here

With gasoline prices at document highs throughout Canada, trade analysts say motorists’ ache on the pumps is just going to worsen.

On Tuesday, the typical worth for a litre of gasoline was 199.9 cents in Toronto, 190.9 cents in Halifax, 179.9 cents in Winnipeg and 163.9 cents in Calgary, based on GasWizard.ca. Some elements of the nation have exceeded $2 a litre, together with Vancouver and Montreal, the place gasoline prices have been at 218.9 cents and 204.9 cents, respectively on Tuesday.

Looking forward to the Victoria Day lengthy weekend, Dan McTeague, president of Canadians for Affordable Energy and the person behind GasWizard.ca, predicts gasoline prices may surge 10 to fifteen cents per litre on common, countrywide.

“We could be seeing prices in the GTA hitting $2.10 a litre in and around or just past the May two-four weekend,” McTeague advised CTV’s Your Morning on Tuesday.

Motorists in Vancouver might be paying between 229 to 235 cents a litre whereas gasoline prices in Montreal might be between 215 to 220 cents.

“We’re heading into the summer driving season. The economies of the world are starting to pick up post-COVID. We had a shortage of oil and gasoline and diesel to a large extent prior to the invasion of Russia on the Ukraine,” he stated.

On prime of that, a number of U.S. refineries have been closed for upkeep and, regardless of the excessive worth of crude, the Canadian greenback hasn’t reached parity with the U.S. greenback.

“All these things combined with higher taxes, carbon taxes — these things tend to add up to what is going to be the perfect storm for a lot of consumers this summer,” stated McTeague.

Vijay Muralidharan, director of consulting at vitality analytics agency Kalibrate, says he expects gasoline prices to peak across the finish of June.

“Who knows, if the driving season is strong, it might go strong until the end of August. But we think there will be a slight reprieve in July and August,” he advised CTV News Ottawa on Monday.

HIGH DIESEL COSTS AFFECTING PRICES OF ESSENTIAL GOODS

Diesel prices have reached even larger heights in Canada. As of Tuesday, diesel prices have exceeded $2 per litre in each main metropolis throughout Canada exterior of Alberta, based on GasWizard.ca. The highest diesel prices are in St. John’s, N.L., the place it prices 273.3 cents per litre.

“It doesn’t matter where you are or what you buy, we’re going to see an inflationary impact the likes of which we’ve never experienced in our generation,” McTeague stated.

David Earle, president and CEO of the British Columbia Trucking Association, says the excessive price of gasoline has been a serious concern for his members.

“It’s our number one consumable cost and it’s one of the things that our members really pay attention to in terms of their fuel management and reducing their GHG emissions,” he stated in an interview with CTV News Channel on Tuesday. “Ultimately, any costs that are incurred by transportation are passed on to you and I as consumers.”

Given that the price of transportation is similar per weight, it doesn’t matter what kind of product it’s, Earle says it is a part of the explanation why the prices of grocery merchandise are rising quicker than different varieties of merchandise, resembling electronics.

“An increase of $1,000 to move some goods — if you spread that out amongst a few million dollars of electronics, the math is very different than if you spread it out over tens of thousands of dollars of fresh produce, for example,” he stated. “That’s why we see it and feel it much more in our day-to-day consumables that we all rely on.”

With recordsdata from CTV News Ottawa

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