Canadian gasoline prices rise this week, experts predict price trend will continue
This week, gasoline prices across Canada have increased by an average of 2 cents per liter. As spring approaches, experts are calling for an increase in oil prices.
According to data from the calibration company, the average price of regular gasoline increased from 1.578 yuan per liter to 1.598 yuan per liter between March 7th and 14th. Whitehorse recorded the largest weekly increase, with 10 points per liter. The largest decrease was observed in Peterborough, Ontario, with a score of 8.2.
Roger McKnight, Chief Oil Analyst at En Pro International based in Ontario, believes that oil prices will continue to rise. He said that this is mainly due to the rise in summer blended oil prices and the tight inventory of crude oil and finished products.
In a blog post published on Thursday, McKnight wrote, "The increasing use of gasoline is alarming, and there is currently no sign of easing. Refinery operations are stalled at level one, while demand for gasoline and diesel is entering level three as the summer driving season approaches. This is forcing futures and spot prices to rise
He also mentioned the increase in federal carbon tax on April 1st.
McKnight wrote, "For Canadian consumers, a 3.3 point increase in carbon tax per liter on April Fool's Day will not improve anything
It is expected that gasoline prices in the United States will also rise.
Next week, international gas station giant Alimentation Couch Tard will release its latest financial report. This Quebec based company operates over 14000 stores in 25 countries under brands such as Circle K and couch tard. Last quarter, the company's CEO Brian Hannasch warned investors that cash strapped consumers were tightening their belts.
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