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Gas Prices In Canada Are So Expensive & Canadians Are Splurging So Much Of Their Income On It

Canadians are spending more of their income on gas than residents of other G7 countries.

It's no secret that gas prices in Canada have constantly been in flux lately.

In fact, just a few months ago, the average cost of a litre hit over CA$2 across the country, further driving up inflation in Canada.

And if you've been struggling to fill up your tank, you're apparently not alone.

According to GlobalPetrolPrices, via CTV News, Canadians are spending the highest proportion of their income on gas compared to all other G7 nations. This includes countries like France, Germany, Italy, Japan, the U.K. and the United States.

The data reveals that, on average, Canadians are currently spending a whopping 4.4% of their income on gas.

It's a big step up from the G7 country that comes in second place – the U.S. – where residents spend 3% of their wages on gas.

Countries such as Japan and the U.K spend only half of that amount, while the lowest proportion of income to gas is in France at a meagre 0.7%.

However when it comes to gas prices alone, it looks like the U.K. is spending the most among all of the G7 countries, with the country ranking 10th among 168 countries with the most expensive gas. It's currently paying $2.87 per litre for gas.

In comparison, Canada ranks at closer to the bottom of the G7 countries, at $2. The only G7 country paying lesser is the U.S at $1.51.

At the moment, gas prices in Canada have fallen a little after peaking in June.

However, experts are still cautious and have been warned that prices could just "snap back" due to global factors such as the war in Ukraine and a tight global supply.