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TORONTO — After a surge in gas prices across Eastern Canada earlier this week, experts say costs at the pump could level off despite the normal high-demand period associated with this time of year.
As the cost of oil edged below US$80 per barrel this week, gas prices soared to around 164.9 cents per litre across much of Ontario on Wednesday, marking an eight-cent jump fuelled by the annual switchover to summer blends.
Roger McKnight, chief petroleum analyst at En-Pro International, says prices often rise heading into the summer as the weather improves and Canadians head out on the road for weekend getaways.
But he says this year could be an outlier, with inflation and the threat of a recession holding demand back.
While gas prices in Ontario were sitting at around 159.1 cents per litre on Friday, they continue to linger above 165 cents per litre east of the province and as high as 182.9 cents in B.C., according to price-tracking website Gasbuddy.com.
McKnight calls it a “state of flux” as analysts await to see how consumer behaviour and the state of the economy will influence prices in the months ahead.
This report by The Canadian Press was first published April 21, 2023.
The Canadian Press
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