Gas Prices Are Rising Across Canada & Costs Could Be About To Reach An All-Time High

Gas prices in Canada are approaching an all-time high right now, with Russia's recent invasion of Ukraine playing a significant role in the rising costs.

As the conflict continues, Canadians are likely to continue to feel the pressure on their wallets, CTV News reports.

According to Dan McTeague, president of Canadians for Affordable Energy, gas prices could rise by 10 cents per litre very soon, assuming “there is no further disturbance to the global supply of oil.”

This would put gas prices in Canada at record-breaking highs.

All over Canada, drivers are feeling the pinch already. According to the Gas Wizard, the cost of gas per litre in Vancouver is predicted to hit 200.9 cents on Friday.

Toronto is set to see a high of 174.9 cents per litre, while Montreal will see 188.9 cents per litre.

In Calgary, a 7-cent increase is expected, bringing prices up to 157.9 cents per litre, while gas in Halifax is expected to cost 168.5 cents per litre after an increase of 12 cents, which is the biggest predicted increase for Friday.

The only city not expected to see a hike on Friday is St. John's, with a decrease of 0.9 cents putting it at 176.4 cents per litre.

According to CTV, unwavering high demand for oil and a shortage in supply have been pushing prices up. Russia's invasion of Ukraine is affecting prices by creating concerns about a further loss of oil supply.

And, unfortunately, as the conflict continues in Ukraine, Canadians could see it getting more and more expensive to fill up at the pump.

“We’re emerging from COVID with a likely pent-up demand that is going to aggravate that situation. Then along comes Vladimir Putin using the vulnerability of Europe and the fact that they require his oil and gas… energy prices have now become the global concern and they’re very much at the beginning of global security,” McTeague told CTV.

He said the longer this goes on without officials addressing "the fundamental shortage of gasoline," the longer Canadians will continue to pay more at the pumps.

This comes after the Bank of Canada increased the interest rate from 0.25% to 0.50%, which would up the cost of loans, like mortgages, for regular consumers. It was done in an effort to cool down inflation in the country, which is at its highest since 1991, another thing putting strain on Canadian wallets.