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Gas prices across Canada to rise in Spring spike
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Insight
Have we ever known gas prices to plummet instead of spiking? The cost of gasoline in Canada continues to rise, helping to propel overall inflation in this country, recent figures from Statistics Canada suggest.
And those inflated prices at the pump aren't going anywhere as the nation thaws and moves into road-trip season. As temperatures rise gas prices will too, resulting in prices between $1.43 and $1.47 a litre — a 12 to 15 per cent increase, a recent Macleans.ca article pointed out.
Though Canada is perceived as an oil-rich nation, we consume more than we produce. Thus our fuel prices are primarily driven by what unfolds in the Middle East, the world's largest exporter of crude oil. And if war erupts in Iran, that could push the price of a gallon of fuel up to the $7 range stateside. And you can bet the cost of gas would rise on this side of the border, too. Simply put, we're at the mercy of the rules of supply and demand. As fuel availability decreases, prices at the pump go up.
Prices spike across Canada
The rising price of gas is being felt in all regions of the country: for instance, in New Brunswick, fuel prices shot upwards for the fifth time in six weeks, reports local talk radio station News 88.9. "The Energy and Utilities Board has increased the maximum price for self-serve regular by 1.7 cents per litre with most stations selling in the $1.33 to $1.34 range."
Worse, in Montréal, motorists were smacked with a 14-cent hike of late to push prices from $1.30 per litre to $1.44 per litre.
Vancouver reportedly has the most expensive gas prices. Though different issues affect different cities in terms of the price of fuel, all regions of the country should expect the cost to rise this summer. For instance, in Canada's most populous city, Toronto, the price per litre is expected to hit at least $1.43. It's presently at about $1.27.
There are a number of factors that affect the cost of a gallon (or litre) of petrol. And it's worth noting that it takes one gallon of oil to make a gallon of gasoline. Some would say that rising gas prices affect the economy in less obvious ways and they can prove to be positive over the long-term.
Of course gas retailers colluding to fix the price at the pumps doesn't help motorist much either, but I digress.
What can consumers do in light of the aforementioned? Beyond driving less and taking public transit or carpooling, not a lot.
There are websites worth consulting before one motors away in search of cheap gas: GasBuddy.com, TomorrowsGasPriceToday.com and GasTicker.com each provide Canadian drivers with up-to-date pump prices in various cities.
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