Costs to get out of the city rising as fuel prices keep inching up
Costs to get out of the city rising as fuel prices keep inching up
The cost of gasoline keeps rising ahead of the May long weekend, making a jaunt out of the city cost a fair bit more than the same trip last year.
Natural Resources Canada says the average price across the country for regular gasoline hit $2.067 per litre on Tuesday for an all-time high, up 0.4 of a cent from Monday, while the price averaged $1.337 a litre in May last year.
So what does that translate into actual costs to drivers? Here's a breakdown of how much more you might have to pay, using as examples a decade-old Honda Civic with a combined fuel economy of about 6.3 litres per 100 kilometres, and a similarly-aged Ford F150 with a combined fuel economy of about 11 litres per 100 kilometres.
Vancouver to Whistler, B.C. (240 kilometres return)
A drive up the Sea to Sky Highway for the Civic driver, filling up at $1.556 a litre last year, would have made the return trip cost about $23.52, but at $2.339 a litre, the cost has gone up to $35.36.
For the F150 driver, the cost has gone from about $41.08 to $61.74 for the drive.
Calgary to Banff, Alta. (254 kilometres return)
For the Civic driver in Calgary looking to get into the mountains, filling up at $1.273 a litre last year would have made the return trip cost about $20.38, but at $1.719 a litre, the cost has gone up to $27.50.
For the F150 driver, the cost has gone from about $35.56 to $48.02 for the drive.
Toronto to Huntsville, Ont. (460 kilometres return)
Torontonians looking to get into cottage country generally have to travel a little further. For the Civic driver, filling up at $1.301 a litre last year would have made the return trip cost about $37.70, but at $2.085 a litre, the cost has gone up to $60.42.
For the F150 driver, the cost has gone from about $65.84 to $105.50 for the drive.
Montreal to Gaspe Que. (1,834 kilometres return)
To get a sense of what a longer road trip might cost, consider the price change of a trip to the Gaspe Peninsula from Montreal. For the Civic driver, filling up at $1.338 a litre last year would have made the return trip cost about $154.60, but at $2.159, the cost has gone up to $249.46.
For the F150 driver, the cost has gone from about $269.92 to $435.56 for the drive.
This report by The Canadian Press was first published May 18, 2022.
YOUR FINANCES
Bank of Canada's rapid rate hikes likely to cause a recession, study finds
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.
Saving for retirement is becoming out of reach for young Canadians
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.
Report recommends pegging minimum wages to average incomes, graduated scale for teens
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.
TD 'significantly' downgrades home sale, price forecasts
A new report from TD says Canadian home sales could fall by nearly one-quarter on average this year and remain low into 2023.
Gas prices see long weekend drop in parts of Canada, but analysts say relief not likely to last
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.
Stocks are down, but here's why experts say you shouldn't panic
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.
My landlord is increasing my rent – what should I do?
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.
New clean fuel regulations to raise gas prices, affect low-income Canadians most
New federal regulations to force down the greenhouse gas emissions from gasoline and diesel will cost Canadians up to 13 cents more per litre at the pump by 2030.