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Gas Prices Hit Skies in Parts of Canada – Including BC and Quebec!

Written by MKTLIST Blog Team Published On : March 20, 2018 1630
Gas Prices Hit Skies in Parts of Canada – Including BC and Quebec!

This season didn’t bring any ease for the driving people and now it is getting worse. The gas prices, especially in British Columbia and Quebec, are touching the high-skies.

Gas price monitoring site GasBuddy predicted on Monday that there will be an increase in the prices by

Well, this is little different in British Columbia where the prices increase by two cents and this is 155.9 cents per liter.

The start of the week was pretty good in terms of gas prices but, "followed by dramatic increases in market valuations by the end of the week," said Dan McTeague, a senior petroleum analyst at GasBuddy.

McTeague blaming other, "the limping Canadian dollar ... which has lost 8 percent in value compared to the U.S. greenback since February 1." Due to this, the prices are getting really bad and expensive in Canada.

He also suspected that many Canadian refineries are facing the long maintenance shutdowns and to overcome it, they put the burden on the citizens by increasing the gas prices.

GasBuddy after surveying the cities has concluded that by the end of this week, there will be three-cent rises in Calgary, Edmonton, Regina, Saskatoon, and Winnipeg. Toronto, Hamilton, Ottawa, London, Sudbury and most of southern Ontario will encounter relatively a low shift in the prices. While Maritimes and Newfoundland see the price-shift by two cents.

As compared to 2014, this year is going to be the toughest year in terms of gas pricing for the drivers. Around Canada, there will be $1.19 gas price per liter, as said by GasBuddy.

McTeague told the main factor responsible for this is OPEC’s 2016 decision which includes the breakage of the oil production leading to higher prices. 

OPEC's effort has had some success, with oil prices rising a good 50 percent since their lows in 2016. West Texas Intermediate, the benchmark North American crude oil, was trading at around US$62 on Monday morning, not far off its highest levels in two-and-a-half years.

This decision has got success when the oil price increased by 50% since it was low in 2016. West Texas Intermediate, the benchmark North American crude oil was trading a highest of US$62 on Monday morning, which is very high in its history.

Now, just see how far it goes because we alone cannot do anything.

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