Gasoline prices have soared across the country

Canadians in most parts of the country are waking up to higher gasoline prices today, with prices above or nearing $2 a liter.

According to Gas Wizard, a site that tracks gas prices across Canada, prices jumped four to six cents in many urban centers across the country. In Vancouver, the price of regular gasoline reached $2.17.

Prices across the Prairies remained unchanged over the past day.

“The average in Canada is going to get a lot closer to that $2 a liter psychological barrier, if you will. And it’s unlikely to end there anytime soon,” Dan McTeague, president of Canadians for Affordable Energy, told CBC. News.

Gas prices have risen rapidly over the past year, with the Russian invasion of Ukraine exacerbating the trend. Last May, the average gas price in Canada was $1.32.

McTeague pointed out that all Canadians are affected by rising fuel prices, whether they drive or not, as goods are transported by vehicles that rely on diesel.

Diesel prices are well above $2 in most parts of the country. In St. John’s, Newfoundland, the price of diesel is $2.73.

“Here we have a circumstance of this heightened super inflation…an energy bubble…starting to hit consumers around the world in a way that could very well trigger a global recession,” he said.

Rising gas prices are another way Canadians’ budgets are being squeezed, as inflation hit a 31-year high of 6.7% last month.

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