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Gas prices are displayed at an Irving gas station in Mahone Bay, Nova Scotia on February 26, 2022. Gas prices in Nova Scotia have remained largely the same for the past three weeks, at 156.5 cents for a litre of regular self-serve in Halifax.Meagan Hancock/the Globe and Mail
Canadians are seeing prices rise at the pump amid oil-producing Russia’s invasion of Ukraine.
The high demand and low supply of oil have already been pushing its prices, alongside gas prices, up for weeks. But the uncertainty over the security of oil and natural-gas supplies from Russia have sent crude prices skyrocketing more than 20 per cent since last Friday.
On Thursday, the price of oil, one of Canada’s major exports, touched its loftiest since 2008 due to disruptions to Russian oil exports as Western countries impose tougher economic sanctions.
Canada’s daily average price for gasoline has been hovering around an all-time high of $1.60 a litre – adding to the squeeze on household budgets from soaring food and housing costs. Many provinces saw record-high prices this week, ranging from $1.61 cents per litre in Toronto to $1.94 in Victoria.
An all-out armed conflict in Ukraine could lead to some Canadians paying as much as $2 a litre in the worst-case scenario, analysts warn.
The Globe asked readers to let us know the types of gas prices they’re seeing across the country. The costs correspond with reporting from GasBuddy, a tech company focused on reporting fuel prices at gas stations across North America and Australia.
Here’s what Canadians are currently paying at the pumps:
With files from Erica Alini, Reuters and the Canadian Press.
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