Gas Prices In Canada Are So Expensive & Canadians Are Splurging So Much Of Their Income On It

It's no secret that gas prices in Canada have been in constant flux lately.

In fact, just a few months ago, the average cost of a litre hit over $2 across the country, further driving up inflation in Canada.

And if you've been struggling to fill up your tank, you're apparently not alone.

According to GlobalPetrolPrices, via CTV News, Canadians are spending the highest proportion of their income on gas of all the G-7 nations. This includes France, Germany, Italy, Japan, the U.K. and the United States.

The data reveals that, on average, Canadians are currently spending a whopping 4.4% of their income on gas.

That's definitely on the higher side. In fact, Canada ranks 19th highest out of all 117 countries listed!

At the top end of this list is Belize, which spends 11.8% of its income on fuel. The places where people seem to be spending the least on fuel are Turkey, Hong Kong and Singapore, each at a meagre 0.5%.

When it comes to G-7 countries, the U.S. is still quite a bit below Canada, with residents only spending 3% of their wages on gas.

Meanwhile, people in France spend only 0.7% of their income on gas, while those in Italy spend 1%.

However, it's worth noting that this doesn't say much about the cost of gas overall. It's more of an indicator of the cost of living compared to the salary brackets in these countries.

For example, when looking at gas prices alone, the U.K. ranks 10th overall and spends CA$2.88 per litre on gas.

In comparison, Canada ranks closer to the lower end of the G-7 countries at $2. Even so, it's still more expensive here than in the U.S. and Japan as well as many other countries, including China, Australia and India.

High gas prices are also a factor in rising worldwide inflation rates.

At the moment, gas prices in many areas of Canada have fallen a little after peaking in June.

However, experts are still cautious and have been warned that prices could "snap back" due to global factors such as the war in Ukraine and a tight global fuel supply.

This article's cover image was used for illustrative purposes only.