Canadian Gas Prices Are Going To Skyrocket This Year So You Might Want To Consider Selling Your Car

Is it too cold to walk to work?

You might want to consider trading in your car for a bicycle: Canadians will experience the highest gas prices they've seen in years in 2018.

Gas prices across the country are expected to hit a four-year high, with the average cost of fuel averaging out at $1.19 per litre over the year, the highest level since 2014, according to GasBuddy. 

“Circumstances beyond Canada’s control, including a surging U.S. dollar versus a weaker loonie, increasing U.S. fuel demand and growing exports, will put a premium on what Canadians will pay at the pumps in 2018,” said GasBuddy senior petroleum analyst Dan McTeague. “We estimate pump prices will, therefore, rise an average of five cents a litre across the country.”

Via gasbuddy

January will be the cheapest month across Canada, with prices averaging $1.13 per litre nationally. Price hikes are expected to hit Canadians' wallets gradually from there, but costs are set to go up, especially in the summer, when refineries switch to the more expensive “summer blend” gasoline, which is cleaner. September is forecast to be the priciest month, at $1.24.

Regionally, Vancouver, Montreal and Victoria will see the highest gasoline prices at $1.49, $1.45 and $1.41 a litre on average respectively. Toronto will see costs of $1.29 to $1.35 per litre, which is relatively average on the national scale.

The cities with the lowest prices are expected to be Charlottetown ($1.26 per litre), Winnipeg, and Saskatoon (both at $1.27 per litre).

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Jennifer Browne