Gas Prices in Canada Could Increase by Five Cents This Week 

oil pump

According to a top energy pricing expert, if Russia decides to escalate its attack on Ukraine or declare all-out war on Monday, gas prices could go up another five cents across Canada.

Canadians for Affordable Energy president Dan McTeague believes May 9 is Victory Day in Russia and might have a significant impact on the course of the Ukraine conflict.

Gas prices could rise an extra 5 cents per litre next week if the situation in Ukraine intensifies and as Canadians prepare for the May long weekend, which is often seen as the unofficial start of summer.

The price of gasoline in Canada is now sitting around $1.97 per litre, with British Columbians paying the most, on average, $2.06 per litre.

However, McTeague thinks that even if the conflict in Ukraine is over soon, high gas prices are likely to remain because sanctions on Russia’s energy sector are likely to stay in force.

He also points out that the oil industry’s long-standing supply-and-demand problem will not be resolved by the end of the conflict.

“(Some people think) all this is because of Russia, but nothing could be further from the truth,” said McTeague. “It is a matter of fundamentals. There was less supply and more demand before and that hasn’t changed.”

Gas prices are also expected to rise throughout the summer as more Canadians travel. “During the summer, gasoline prices tend to detach from oil prices – they go much higher,” said McTeague.

Original source material for this article taken from here

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Written by Olivia Woods

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