Need to fuel up before Canada Day? Gas prices likely to increase after mid-week lull, says expert
Canada Day #CanadaDay
The average price for gas in Ontario on Tuesday is 201.3 cents per litre, up from Monday’s average of 200.8, last month’s average of 197.5, and last year’s average of 131.7 cents per litre, according to the CAA.
Ontario drivers continue to see eye-watering prices at the pumps as record-breaking gas prices in Canada have led to an increase in consumer goods and food prices, and impacted the way people live their lives.
High prices compounded with a jump in Canada’s inflation rate, which hit 7.7 per cent in May, the steepest increase in nearly 40 years, have hurt consumer sentiment, say analysts.
Average gas prices in GTA
Here’s how we compare to the rest of Canada
The average gas price in Canada is 201.6 per litre.
Gas prices are the lowest in Alberta where prices are 188.6 cents per litre. Gas prices are the highest in British Columbia at 215.4 cents per litre.
How we got here
In January, gas prices started spiking across the country, and by February began shattering records as prices at the pumps soared.
At the same that COVID-19 restrictions started to lift and people began moving around again, driving up demand for gas to pre-pandemic levels, an escalating situation in Ukraine and a flurry of international sanctions on Russia put pressure on an already strained supply and sent international crude prices into a tailspin.
Experts say the hardest hit by high gas prices are low-income Canadians who are more likely to spend a sizable chunk of their income on transportation and are less likely to afford electric vehicles in order to offset rising costs.
Top places to fuel up in the GTA
Long-term outlook
Gas prices look to hold steady until Wednesday, said Dan McTeague, gas expert and president of Canadians for Affordable Energy. He added rising oil prices could see the cost of gasoline rise later in the week.
“This is an example of where, on the market, gasoline is its own boss,” McTeague said.
“But there’s upward pressure on oil, which could see gasoline move up a little bit as well.”
Last week, McTeague said weather along the United States Gulf Coast this summer — which meteorologists are predicting will be the seventh record-shattering Atlantic hurricane season in a row — could temporarily shut down oil refineries, causing supply-chain issues and edge prices even higher.
Tips for saving money on gas
Experts say consumer driving habits can impact how much money they spend on gas. Some simple tips to save money on gas include:
With files from Ivy Mak
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