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MONTREAL — The price of gasoline has topped $2 a litre in British Columbia as Canadians continue to see eye-popping numbers at the pump this week.
Gas prices across the country averaged out at $1.69 per litre as of late Friday morning, up from $1.65 the day before, according to gas price information website GasBuddy.com.
On Thursday, the retail price of regular gas reached $1.94 per litre in Vancouver, $1.66 per litre in Toronto and $1.76 per litre in Montreal, according to Natural Resources Canada.
Russia’s invasion of Ukraine has pushed oil prices to levels not seen inat least eight years as tanker companies shun Russian crude and sanctions exclude some Russian banks from a global payments system, severely disrupting its exports.
Russia produces 10 per cent of the world’s oil supply.
Patrick de Haan, head of petroleum analysis for GasBuddy.com, says hefty price increases will likely continue across Canada and the United States.
“In Canada prices are already at all-time record highs. Much of Canada will continue to see prices go up another five to 15 cents a litre over the next one to two weeks. So the pain is equal, no matter where you are in the U.S. or Canada,” he told reporters on a livestream.
“Sanctions on Russia’s banking and shipping industries are essentially putting a chokehold on Russian oil exports, which have plummeted.”
The benchmark West Texas Intermediate price breached US$113 per barrel in afternoon trading Friday, a peak not hit since 2011.
Russia’s invasion, which began Feb. 24, has seen forces advance into Ukraine from three sides, converging on large cities and early Friday morning shelling a major nuclear power plant.
This report by The Canadian Press was first published March 4, 2022.
Christopher Reynolds, The Canadian Press
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