Gasoline Prices Rise to More Than $2 Per Litre Due to Russia’s Invasion

Fuel prices in British Columbia have jumped to over $2 per litre, as Canadians continue to experience record high prices due to Russia’s invasion of Ukraine. 

According to Natural Resources Canada, the average retail price of gasoline in Canada on Friday was $1.76 per litre, from $1.62 just two days earlier. In Vancouver, the price of gas was $2.00 per litre, in Toronto, $1.75, in Montreal, $1.84, and in Halifax, $1.67.

The average gas price in Canada is expected to jump by 26 cents in the next week to approximately $1.85 per litre by Sunday, according to Dan McTeague, president of Canadians for Affordable Energy. The spike in oil prices will happen as Canadians plan their spring vacations and March break trips.

“It means vacations postponed,” said McTeague. “And as fuel prices cascade or filter their way through the economy, it’s likely to raise the price of everything else substantially.”

This recent increase in oil might have a negative impact on economic development and increase inflation, which hit 5.1% in January.

Tanker corporations have stopped transporting Russian crude, and sanctions have restricted some Russian banks from operating in the global payment system, causing oil prices to rise to levels not seen in at least eight years.

With rising gas and diesel costs and increasing inflation and interest rates, Werner Antweiler, a professor of Sauder School of Business at the University of British Columbia highlighted the huge consequences.

“It’s getting more expensive for trains, planes, ships ΓǪ and these costs are being passed on to consumers. Food items that are transported over long distances, all these imported goods tend to be more expensive,” said Antweiler in an interview.

He advised Canadians to rethink their lifestyle choices and the way they spend their money. “That means driving more fuel-efficient cars and cutting back on our discretionary driving.”

Original source material for this article taken from here