Gas prices up by as much as almost 20 cents in some Canadian cities
Gas prices jumped overnight in some cities across Canada, in many cases by around ten cents a litre, and by almost 20 cents in one city.
The price of gas on Thursday was up nationally by just over three cents on average at $1.58 per litre, with some provinces seeing bigger jumps than others, according to the CAA's gas price tracker.
Kristine D'Arbelles, CAA's senior director of public affairs, said gas prices are being driven by a number of factors including international issues, seasonality, supply and demand and provincial taxes.
With hurricanes Fiona and Ian hitting coasts this week, delivery and supply of gas is likely affected for some markets, D'Arbelles said.
“Storms can have an effect on gas prices,” she said. “Because where gas is coming from is slightly different across the country, that might mean that one province is feeling it a little bit more than another province.”
Victor Vallance, senior vice president of natural resources and pipelines at DBRS Morningstar, said the Canadian dollar, which has been under pressure this week, is likely contributing to prices going up, as oil is priced in U.S. dollars.
In Alberta, provincially prices were up by six and a half cents, but up almost nine cents in Edmonton.
Meanwhile, Ontario prices averaged two cents more than on Wednesday, but in some specific cities it was a different story.
In Thunder Bay, gas prices were up by almost 20 cents, and in Peterborough prices were up 11 cents, compared with a gain of just around a penny in Toronto. In other Ontario cities, such as Brantford and Brockville, gas prices were up by four and half cents.
In Saskatchewan, prices were up almost six cents, while Manitoba's prices saw just a one-cent rise. Quebec's prices barely moved overnight, while prices in British Columbia were up by almost four cents.
Prices have been more volatile than usual for months now, and consumers are likely trying to save where they can, which could soften prices, said Vallance.
“People are being squeezed all over with inflation,” he said.
In some provinces, there's another jump in gas prices on the horizon as tax relief programs reach their limits.
Alberta's temporary gas tax relief, introduced earlier this year when prices soared, is on its way out, albeit slowly. On Oct. 1, the province will reintroduce a tax of 4.5 cents per litre, still a far cry from the usual 13 cents.
Ontario's gas tax was cut to nine cents per litre from 14.7 cents effective July 1 and ending Dec. 31.
This report by The Canadian Press was first published Sept. 29, 2022.
With the 2023 post-secondary education application deadlines approaching, many students across Canada are looking for alternatives to university and college, leaving parents anxious taking a ‘gap year’ could mean they never return to school.
Wouldn't it be nice to never have to work again? While this may sound like a dream to many, it is entirely possible. CTVNews.ca personal finance contributor Christopher Liew shares a handful of helpful tips on how to potentially achieve financial independence.
Recent homebuyers with variable-rate mortgages will find the adjustment to higher interest rates more painful, said Bank of Canada senior deputy governor Carolyn Rogers.
Buying your first car can be as exciting as it is daunting. Whether you’re buying a car off the lot from a dealership or purchasing a car in a private sale, contributor Christopher Liew shares in an exclusive column for CTVNews.ca a few basic tips that you should always keep in mind.
In March 2022 alone, food banks across Canada had 1.5 million visits, a 15 per cent increase from the year prior and the highest recorded usage on record.
Many Canadians have one or two old credit cards that they no longer use. Before you jump to close your old, unused credit card, CTVNews.ca contributor Christopher Liew outlines some of the pros and cons of closing a credit card account, so you can make the most informed decision.
Canadians are buying less expensive food, stockpiling food and even eating less to cope with food prices as inflation soars, according to a new survey.
Most Canadian seniors would prefer to stay in their homes for as long as possible, what is referred to as aging in place, rather than in an assisted living facility, according to recent studies that have come out this year. Personal finance contributor Christopher Liew shares some practical tips on how to age in place, so you can continue living life on your terms.