Gasoline prices in Canada have risen sharply
Prices are expected to continue to rise.
With oil prices recently returning to one of their highest levels in years, experts are linking this phenomenon to a pandemic and say drivers should be prepared to pay even more.
The benchmark Canadian oil price has risen from $50 CAD per barrel at the beginning of the year to $70 CAD now, approaching the 2018 highs. Some experts report that a $100 CAD price could become a reality next year.
Gasoline prices in Canada have reached one of their highest levels in five to seven years, according to Patrick De Haan, head of oil analysis at GasBuddy. A year ago, the average cost of gasoline in the country dropped to $0.76 CAD; now it is around $1.36 CAD per litre.
The increase in oil prices could have a favourable effect on the country's economy, while at the same time the wallets of Canadians will suffer, as demand, and hence the price of fuel, will rise. It is predicted that demand for gasoline will only increase as the removal of restrictions encourages Canadians to travel more actively.
