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Gas prices might jump five cents this week and five cents the next week

Gas prices could rise by 5 cents this week and 5 cents the next week.

Key Takeaways:

  • If Russia decides to expand its assault on Ukraine or declare all-out war on Monday, gas prices in Canada might climb by five cents.
  • The summer season, according to McTeague, will add to higher gasoline prices as more people take to the road to explore and travel.

According to a top energy price expert, gas prices in Canada might rise by five cents if Russia decides to escalate its assault on Ukraine or declare all-out war on Monday.

According to Dan McTeague, president of Canadians for Affordable Energy, May 9 is Victory Day in Russia, which could determine the course of the war in Ukraine.

According to McTeague, gas prices could rise another five cents per liter next week if the situation in Ukraine worsens and Canadians prepare for the May long weekend, which is traditionally regarded as the unofficial start of summer.

The moderate gasoline expense in Canada is approaching $1.97 per liter, with British Columbians paying the highest average price of $2.06 per liter.

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Prices in Vancouver are $2.22 per liter; Victoria locals pay $2.17 per liter, Montreal drivers pay $2.07 per liter, and St. John’s residents pay $2.03 per liter.

However, McTeague believes that even if the war in Ukraine ends soon, high gas prices will likely persist because sanctions on Russia’s energy industry would likely remain in place.

He also says that the supply-demand problem that plagued the oil business even before the war began isn’t going away.

Gas prices could rise by 5 cents this week and 5 cents the next week.
Gas prices could rise by 5 cents this week and 5 cents the next week. Image from SaltWire

“Some people believe it’s because of Russia,” he continued, “but nothing could be further from the truth.” “It’s all about the fundamentals. Previously, there was less supply and higher demand, which has not changed.”

According to McTeague, the summer season will contribute to rising petrol prices as more people take the road to explore and travel.

“During the summer, gasoline costs disconnect from oil prices and rise significantly,” he explained.

A weakened Canadian dollar is also cited as a contributing factor.

Source: CTV News

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