Canada News

Gasoline has never been more expensive — and high prices are likely to stick around for a while

Summary

The price to fill up a tank of gasoline has never been higher in Canada, and experts say there’s little reason to expect relief any time soon. The price of a litre of gasoline at the retail level has hit […]

The price to fill up a tank of gasoline has never been higher in Canada, and experts say there’s little reason to expect relief any time soon.

The price of a litre of gasoline at the retail level has hit record highs in many Canadian markets this week, with prices under $1.50 per litre becoming harder to find even in oil-rich Alberta. Meanwhile some drivers in British Columbia and Newfoundland and Labrador are dealing with the eye-watering figure of more than $2 per litre for the first time.

Dan McTeague, president of Canadians For Affordable Energy, says the average price of a litre of gasoline in Canada’s biggest market, the Greater Toronto Area, hit $1.67 per litre on Wednesday, the highest level it’s ever been. And he expects even more to come.

It’s an “inevitable response,” he said in an interview, “to the threat that the global supply of oil will be further tightened by sanctions on the Putin regime.”

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