Gas jumps to $1.68 in Edmonton, analysts expect higher prices to come

Gas prices have jumped in the Edmonton area again. Many stations are now showing prices of $1.68 per litre.

At least one analyst is predicting that prices could jump 10 to 15 cents a litre on average countrywide ahead of the upcoming long weekend.

“We’re heading into the summer-driving season. The economies of the world are starting to pick up post-COVID. We had a shortage of oil and gasoline and diesel to a large extent prior to the invasion of Russia on the Ukraine,” said Dan McTeague of GasWizard.ca.

He expects prices to stay high all summer.

“”It doesn’t matter where you are or what you buy, we’re going to see an inflationary impact the likes of which we’ve never experienced in our generation,” he said.

Vijay Muralidharan, director of consulting at energy analytics firm Kalibrate, says prices might be highest in June.

“We think it will peak around June, end of June, but who knows, if the driving season is strong it might go strong at the end of August,” he said. “We think there will be a slight reprieve in July and August, but we think there will be higher pricing in the coming weeks.”

While the price at the pump may be a shock to the wallet, the city is still well below the national average.

Many Canadian drivers are paying well over $1.90 a litre.

With files from CTVNews.ca and CTV News Ottawa. 

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