Prices at Canadian pumps rising again as oil climbs to 4-week highs
Gas prices in Canada are rising as global oil prices hit four-week highs due to renewed tensions between the U.S. and Iran. Analysts warn that the volatility in the Strait of Hormuz could lead to further price increases at the pump.
Why it matters
Rising fuel costs directly impact inflation and the cost of living for Canadian consumers.
The average price of a litre of gas across Canada is at $1.674 as of midday Tuesday — up 3.4 cents from last week's average, according to price tracking site GasBuddy.com .
Patrick De Haan, head of petroleum analysis at GasBuddy, says prices could rise further to about $1.70 on average by the end of the day.
"I think most Canadians will see increases of anywhere from five to 10 cents a litre," in the coming days, De Haan predicted.
That's mostly due to the U.S. war with Iran sending oil prices up, as tensions have risen following a breakdown in the memorandum of understanding that had stopped fighting in the Middle East until last week, though Russia's war with Ukraine has also weighed on supply in recent weeks.
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