Gas Prices Are Rising Across Canada & Costs Could Be About To Reach An All-Time High

Gas prices in Canada are approaching an all time high right now, with Russia's recent invasion of Ukraine playing a significant role in the rising costs.

The high gas prices we're seeing across the country are a product of the invasion in Europe, CTV News reports. And, as the conflict continues, Canadians are likely to continue to feel the pressure on their wallets.

According to one energy expert, gas prices could rise a huge 10 cents per litre very soon. And, gas price expert Dan McTeague says this prediction is assuming “there is no further disturbance to the global supply of oil.”

This would put the cost of gas in Canada at a record-breaking point across the nation.

All over Canada, drivers are feeling the pinch already. According to the Gas Wizard, the cost per litre in the Metro Vancouver area is predicted to hit around $2 from its already high price of around $1.88 per litre in the coming days.

Toronto is set to see a high of $1.74 per litre, while Montreal is seeing $1.88 per litre.

In Calgary a 7 cent increase expected, bringing it up to $1.57 per litre, while gas in Halifax is expected to cost $1.68 after an increase of 12 cents, which is the biggest predicted increase of them all.

The only city not expected to see a hike in the next day or so is St. John's, with a decrease of 0.9 cents putting it at $1.76 per litre.

Russia's invasion of Ukraine is affecting prices because of the subsequent disruption to the world's oil supply, combined with the unwavering high demand.

All of the unknowns related to the conflict have caused concerns about oil shortages, which then causes prices to rise at the dramatic rates we've seen. And, unfortunately, as the conflict continues in Ukraine, we could see it getting more and more expensive to fill up at the pump.

“We’re emerging from COVID with a likely pent-up demand that is going to aggravate that situation. Then along comes Vladimir Putin using the vulnerability of Europe and the fact that they require his oil and gas… energy prices have now become the global concern and they’re very much at the beginning of global security,” McTeague told CTV.

He says the longer this goes on without officials addressing "the fundamental shortage of gasoline," the longer Canadians will continue to pay more at the pumps.

This comes after the Bank Of Canada increased the interest rate from 0.25% to 0.5%, which would up the cost of loans, like mortgages, for regular folks living in Canada. It was done in an effort to cool down inflation in the country, which is at its highest since 1991, another thing putting strain on Canadian wallets.