UPDATE: New report says gas prices expected to keep rising
UPDATE: 12:00 p.m. March 10
While one company is predicting gasoline prices in Canada will decrease soon, another report is forecasting just the opposite.
A story from The Canadian Press said gas costs across Canada are expected to keep smashing records despite a significant mid-week dip in the price of oil.
The average Canadian retail fuel price climbed to nearly $1.87 per litre this morning according to gasoline price-tracking website GasBuddy-dot-com.
That’s up from about $1.85 on Wednesday and $1.66 per lire last week.
The gains came in spite of the first significant pullback in crude prices since the war in Ukraine started and sent demand soaring.
On Wednesday, the price of benchmark West Texas Intermediate closed at $110.36 U.S. per barrel, down nearly 11 per cent from the previous day’s trading.
W-T-I hovered around 110-dollars again mid-morning today.
GasBuddy analyst Patrick de Haan says retail prices at the pumps lag behind oil prices by several days, which means gasoline prices will continue to rise in the immediate future.
An earlier prediction from En-Pro International, energy and commodity cost and price specialists, suggested gas prices could drop by as much as 15 cents a litre in some cities by tomorrow.
(With files from The Canadian Press)
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Gas prices expected to drop
Mar 10, 2022 | 10:45 AM
Just as motorists are reaching the breaking point with gas prices, there may be some relief in sight.
Some analysts say Canadian cities could see prices drop as early as Friday, March 11.
Roger McKnight with En-Pro International has tweeted the decrease could be as much as 15 cents for a litre in some markets.
A MOST WELCOME RELIEF AT THE PUMPS – TOMORROW – FRIDAY MARCH 11…
DOWN 15 cents
GTA, KW, Ottawa 1.759@RichardCityNews @680NEWSweather @BNNBloomberg @AndrewBellBNN #gasprices
— En-Pro International (@enpro_energy) March 10, 2022
(En-Pro International/Twitter)
The average price in Canada is $1.86.9 according to gasbuddy.com.
British Columbia leads all provinces with an average of $2.02 a litre with Alberta at the low end at $1.69.
Prices in Metro Vancouver are the highest in the country at over $2/litre.
Most Vernon stations are selling gas for 1.88.9 a litre, up 37 cents from last week, while in Kelowna, the average is $1.95.9.
The Russia-Ukraine war, as well as demand, have pushed prices up, but this week a call for increased oil production by OPEC led to a dramatic decline in international oil prices. North American spot markets for refined products like gasoline, diesel and heating oil have also seen decreases.