Prices at the gasoline pumps across Canada are at an all-time high as crude oil surpasses $92 U.S. per barrel and North American demand soars.
The national average retail fuel price in Canada is currently at $151.6 cents per litre, according to fuel price tracking website GasBuddy.com. That’s the highest average price on record, according to the website, which has data as far back as 2008.
It’s also 38 cents higher than the average price at the pumps last year, 11 cents higher than the average last month, and almost four cents higher than the price of gas last week.
The national average retail price for gasoline in Canada has risen steadily over the last month, after starting the new year around the 145 cents per litre mark.
According to data from Natural Resources Canada, drivers in Newfoundland are paying the most for gasoline right now (Labrador City topped the list at 178.1 cents per litre), followed by drivers in British Columbia (gas in Vancouver averages 176.8 cents per litre.)
The lowest prices for gasoline can be found in Saskatchewan, where gas in Prince Albert was 137.8 cents per litre this week, and Alberta, where the lowest price is in Lloydminster at 135.3 cents per litre.
The price Canadians’ pay at the pump is based on four factors — crude prices, refinery margins, retail and marketing margins, and taxes.
Crude prices have soared to an eight-year high, as global economies ease public health restrictions related to the pandemic and travel demand and economic activity picks up.
The benchmark West Texas Intermediate (WTI) price topped $92 U.S. a barrel last Friday (February 4), up more than 6% from the week before and more than 60% year-over-year.
On February 3, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a small increase in production that is expected to help ease pressure.