Gasoline prices in Canada are soaring. According to the CAA (Canadian Automobile Association), the national average price on March 20 was $1.685 per litre. This is an increase of about 13 cents from last week’s average of $1.557 and about 40 cents from $1.291 a month ago.
According to GasBuddy, which surveys and provides information on gasoline prices nationwide, as of March 20, the highest price nationwide was $2.051 in the Northwest Territories, followed by British Columbia (BC) at $1.924. Quebec was at $1.794, Ontario at $1.641, and the cheapest was Alberta at $1.567. According to CBC data, the highest average rent in major cities is in Victoria, British Columbia, at $2.103, followed by Vancouver at $2.083.
Toronto is at $1.647, Montreal at $1.830, and Calgary at $1.632. The sharp rise in gasoline prices is largely due to the surge in crude oil prices caused by tensions in the Middle East following the US and Israeli attacks on Iran at the end of February, but it is also attributed to seasonal factors such as preparations for switching to summer gasoline and increased demand.
It has been pointed out that prices may continue to rise depending on the situation in the Middle East. The surge in gasoline prices is causing increases in transportation costs and other expenses, leading to inflation. The Consumer Price Index for February, released by Statistics Canada on March 16, rose by 1.8% year-on-year, and this is expected to have an impact on inflation in the coming months.