Gas prices push record highs as demand surges, supply constrained

TORONTO –

As gasoline prices rise to new levels, drivers can expect increased pain at the pumps.

Natural Resources Canada reports that the average gasoline price in the country was 197.4 cents per gallon on Tuesday, an all-time high.

On Monday, the average price increased slightly to 197.1 cents per Liter. Prices are now up more than twelve cents compared to a week ago.

Vancouver prices averaged $2.23 per litre, while Toronto averaged just slightly less than $2 a Liter and Edmonton averaged just $1.30 per litre.

Gasoline prices have spiked as oil tops US$100 a barrel, in part because of supply disruptions related to Russia’s invasion of Ukraine.

Higher prices are also due to the fact that gasoline demand is higher than what the refineries can meet.

This report was published by The Canadian Press May 11, 2022.