Gas prices continue to soar for weekend drivers, experts predict no immediate relief

Nationwide gasoline costs continued their staggering rise this weekend, with drivers in Vancouver advised to brace for as a lot as $2.34 per litre on the pumps.

Figures on the gasoline tracker GasBuddy confirmed the nationwide common worth of normal gasoline reached $1.95 per litre on Saturday afternoon, with provincial averages reaching $2.15 in Newfoundland and Labrador and $2.11 in British Columbia.

Fuel Wizard predicted important jumps in varied cities Sunday, with Vancouver anticipated to see costs surge six cents to a nationwide excessive of $2.34/litre. Montreal was projected to see a four-cent bounce to $2.15, and Toronto was on tempo for a six-cent enhance that might take common costs to $2.09.

“These are mind-numbing, eye-popping costs that … might be not sustainable for many Canadians on mounted incomes/center class,” Fuel Wizard analyst Dan McTeague, additionally president of Canadians for Reasonably priced Vitality, stated Saturday.

“I believe it’s truthful to say most Canadians are taking a pounding on this and it’s not those who drive for kicks and giggles, it’s those that want this to get to work…. And it is going to be long run.”

St. John’s is anticipated to see the most important leap Sunday at 13 cents to $2.24/litre. Costs in Edmonton are projected to be among the many lowest at $1.70/litre.

Many consultants have attributed hovering gasoline costs to market destabilization introduced on by Russia’s assault on Ukraine, in addition to recovering international demand as COVID-19 restrictions ease.

McTeague acknowledged these as components, however characterised the spike as extra of a provide subject that predates the warfare and is simply being exacerbated now.

He referred to as for a brief suspension of the carbon tax and for Ottawa to supply a direct vitality rebate, noting that hovering gasoline costs have additionally elevated the federal GST haul.

“They’re being profitable hand over-over-fist. It appears to me that it might be smart for them to a minimum of take into account some type of a rebate, or a minimum of a method to alleviate, by way of possibly a GST rebate, to insulate and assist these on mounted incomes and people in fact who’re having a troublesome go of it,” stated McTeague, a former Liberal member of Parliament.

On Friday, B.C. Premier John Horgan stated lowering taxes can be a “short-sighted” plan that solely affords a “modest quantity” of aid.

He stated he has requested the finance minister “to deliver ahead a basket of initiatives as a result of this isn’t a short-term subject.”

Till then, he inspired residents to cut back journey prices the place doable.

“We have to try this by all of us taking the steps that we are able to to cut back the quantity we spend and likewise making certain that we’re working collectively. In case you’re going to the grocery retailer and you’ve acquired a neighbour that wants one thing, ask should you can choose it up for them and scale back the variety of journeys that we take,” he stated.

“Proper now I encourage individuals to assume earlier than you hop within the automobile — do it’s essential to make that journey?”

This report by The Canadian Press was first revealed Could 14, 2022.

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