Gas prices won't be record breaking, but they will be high this summer
The price of gas is heading upward and it's expected to remain high through the summer, thanks to a number of market forces.
Many drivers fuelling up in Calgary on Tuesday may have seen prices of up to $1.40 per litre for regular gas and, while that's off from the record highs from a year ago, it's still a tough cost for many people to manage.
According to Gas Buddy, the price per litre of regular gas was about $1.66 on March 28, 2022, but that jumped to nearly $1.85 in June 2022.
Industry analysts tell CTV News that part of the reason for this most recent increase is a routine change in what type of gas is supplied to North Americans from U.S. refineries.
Around now, companies shift from a 'winter fuel' mix to a summer type – a gas that typically costs about five cents more per litre.
However, there are other factors to consider, such as the U.S. banking crisis that caused prices to jump by 20 cents in one day.
The federal government is also set to increase its carbon tax on April 1, a move that will increase gas prices even further.
"The other shoe to drop – and there are two of them – will be on April Fools' Day (when) the federal carbon tax increases to 3.5 cents a litre," said Gaswizard.ca's Dan McTeague.
"So many stations, if nothing changes Wednesday, Thursday and Friday – if there's no change in the market, we're still going to get about three and a half to four cents increase – about $1.44 or $1.45 by Saturday."
The other policy will come into effect on July 1, where federal rules will require companies to produce a more eco-friendly product. Those higher costs will also be passed onto customers, McTeague says.
Other factors to consider are a weaker Canadian dollar, which usually increases the price of fuel even before drivers can use it.
(With files from Stephanie Thomas)
CTVNews.ca Top Stories
Video shows suspect setting Toronto-area barbershop on fire
Video of a suspect lighting a Richmond Hill barbershop on fire earlier this week has been released by police.
The kids from 'Mrs. Doubtfire' are all SUPER grown up now, and we're not OK
The adorable trio of child actors from the 1993 classic comedy 'Mrs. Doubtfire,' which starred the late and great Robin Williams, are all grown up and looking back on their seminal time together.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Premier Legault reiterates that McGill pro-Palestinian camp must be dismantled
Quebec Premier François Legault reiterated that the pro-Palestinian encampment at McGill University must be dismantled while police remain 'on the lookout for new developments.'
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
'I have the will to live': N.B. woman needs double lung transplant
A New Brunswick woman suffering from sarcoidosis, a disease that limits your lung capacity, is in need of a double lung transplant.
Hulk Hogan, hurricanes and a blockbuster recording: A week in review of the Trump hush money trial
Crucial witnesses took the stand in the second week of testimony in Donald Trump's hush money trial, including a California lawyer who negotiated deals at the center of the case and a longtime adviser to the former president.