Average price of gas in Canada tops $2 a litre for first time
Average price of gas in Canada tops $2 a litre for first time
Average price of gas in Canada tops $2 a litre for first time
Gasoline prices are showing no signs of letting up as the average price in Canada tops $2 a litre for the first time.
Natural Resources Canada says the average price across the country for regular gasoline hit $2.06 per litre on Monday for an all-time high.
The average was a nine-cent jump from the $1.97 per litre record set last week, and is up about 30 cents a litre since mid-April.
Prices averaged about $2.34 a litre in Vancouver on Monday, while in Toronto the average was almost $2.09 per litre. Edmonton, in contrast, averaged just under $1.69 per litre.
Gasoline prices have been elevated since late February when oil spiked to around US$100 a barrel after Russia invaded Ukraine, while the price jumped to over US$110 per barrel last week.
Prices have also been spiking more recently as the reopening of the economy, and the start of the busy travel season, have led to high demand for gasoline that refiners have limited capacity to meet.
This report by The Canadian Press was first published May 17, 2022.
Prices have been easing slightly recently, but affording a mortgage is still a very difficult task for many Canadians. How much of a mortgage can you afford? Contributor Christopher Liew breaks it down in an exclusive column for CTVNews.ca.
The Bank of Canada's strategy of rapidly increasing its key interest rate in an effort to tackle skyrocketing inflation will likely trigger a recession, says a new study released Tuesday from the Canadian Centre for Policy Alternatives.
Even though it may seem years away, saving for retirement is a top priority among 26 per cent of Canadians aged 18 to 34, a recent survey from the Healthcare of Ontario Pension Plan found. However, 79 per cent of respondents in that age group say saving for retirement is prohibitively expensive.
A new report says Canada should replace its "haphazard and unpredictable" approach to minimum wages across the country with a clear formula based on average incomes.
The Canada Day long weekend saw gas prices plummet in parts of the country, but the relief at the pumps may not stay for very long, analysts say. The decreases come after crude oil prices slid in June following the U.S. Federal Reserve's interest rate hikes, sparking fears of a recession.
As stocks continue to slump, it can be easy to let your emotions take over if you've got money invested in the market. But experts agree that there's no need to panic if you're invested in the right type of portfolio with the right level of risk.
With increasing rent prices likely to be the reality for many Canadian tenants, some may be wondering how to navigate rising costs, or whether any course of action can be taken, if any. Legal experts across the country share their advice on how to handle a rent hike.
