Key energy price experts say gas prices could rise another five cents across Canada if Russia intensifies its attack on Ukraine or declares a full-scale war on Monday. ..
Dan McTig, president of Canadian Affordable Energy, said May 9th is Victory Day in Russia and can prove to be crucial for the trajectory of the war in Ukraine. ..
Gas prices could rise another five cents per liter next week as conditions in Ukraine worsen and Canadians are preparing for a long May weekend, McTigue said. ..
The average price of gas in Canada has been pushed towards $ 1.97 per liter, and British Columbia residents are most distressed with pumps, paying an average of $ 2.06 per liter.
Vancouver is $ 2.22 per liter, Victoria residents are $ 2.17 per liter, Montreal drivers are $ 2.07 per liter, and St. John’s stands are priced at $ 2.03 per liter.
But even if the war in Ukraine ends in the near future, Mr. McTig said gas prices are expected to continue to rise for some time as sanctions are likely to remain in Russia’s energy sector.
He added that the supply-demand problems that weighed heavily on the oil industry long before the outbreak of the war would not go away.
“(Some people) think this is all Russia’s fault, but we can’t get far from the truth,” he said. “It’s a fundamentals issue. We used to have low supply and high demand, but that hasn’t changed.”
McTigg also said the summer season will play a role in pushing up gas prices as more people get out on the road, explore and travel.
“During the summer, gasoline prices tend to move away from oil prices-they will be much higher,” he said.
He also points out the weakening of the Canadian dollar as a contributor.