Canadians in most parts of the country are waking up to higher gas prices today, with prices either above $2 a litre or creeping close to that benchmark.
According to Gas Wizard, a site that tracks gas prices across Canada, prices have jumped by four to six cents in many urban centres across the country. In Vancouver, the price of regular gasoline reached $2.17.
Prices on the Prairies have remained unchanged over the last day.
“The average in Canada is going to get a lot closer to that $2-a-litre psychological barrier, if you will. And it’s not likely to end there any time soon,” Dan McTeague, president of Canadians for Affordable Energy, told CBC News.
Gas prices have risen rapidly over the last year, with the Russian invasion of Ukraine exacerbating the trend. Last May, the average gas price in Canada was $1.32.
McTeague pointed out that all Canadians are being impacted by the rise in fuel prices, regardless of whether they drive or not, given that goods are transported by vehicles that rely on diesel.
Diesel prices are well above $2 in most parts of the country. In St. John’s, Nfld., the price of diesel sits at $2.73.
“We have a circumstance here of this heightened super inflation … an energy bubble … beginning to hit consumers globally in a way that could very well trigger a global recession,” he said.
The rise in gas prices is one more way Canadians’ budgets are being squeezed, as inflation hit a 31-year-high of 6.7 per cent last month.