Canadians are being hit with all-time record gasoline prices heading into the Thanksgiving long weekend.
Federal government data shows the average national retail price for regular gasoline in Canada hit $1.45 per litre this week.
Natural gas price hikes will fuel inflation and hit low-income Canadians the hardest
Fuel price consultancy firm Kalibrate, which has data all the way back to 2007, says these prices are record highs.
Some markets have seen double-digit week-over-week price increases. Drivers in the Manitoba cities of Brandon and Winnipeg saw the price at the pump go up by more than 11 cents per litre in the last week alone.
In Edmonton on Wednesday, many drivers were shocked to wake up to prices as high as $1.41 per litre.
“Crazy. Ridiculous,” Edmontonian Ron Smith said.
“That is something. I try to get it out of town mostly,” Joyce Pasay said. “It’s just insane… Having that be an extra stress along with everything else going on is something.”
Toronto-area gas prices expected to climb to record high overnight
Petroleum analyst Patrick De Haan said the price hike has to do with a global supply crunch.
“China is facing a shortage of coal for electric generation, there is a natural gas shortage in Europe,” he said over the phone from Chicago. ” All of that is supporting the price of oil, which continues to rise as it can be a backup fuel for both natural gas and electric production.
“This is a time of year that motorists tend to see gas prices falling and especially in the last few years, we see natural gas prices be very affordable. For some, especially given the COVID pandemic, it really hits them hard, it’s worrisome.”
Gas expert forecasts hike at B.C. pumps, between 5 and 10 cents a litre
Overall, Canadian fuel prices are more than 40 cents per litre higher than they were last year.
Crude oil prices are at seven-year highs, which is the main factor behind higher gasoline costs. Higher carbon taxes are also reflected in retail gasoline prices.
With files from Sarah Komadina, Global News.
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