Surge at the pump shows no signs of letting up; prices increase 55% over the last year
BOSTON (May 17, 2022) -- Canadian gas prices today set a new record high, topping $2 per litre on average for the first time ever, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. Canadian drivers are now paying nearly 30¢ per litre more than they were just a month ago, a situation which has been exacerbated by seasonal increases in fuel demand as economies reopen and summer driving season begins.
The previous record-high in Canada was set on March 10 at 186.4 cents per litre, as Russia’s war on Ukraine made its initial impact on oil markets around the world. Prior to 2022, the highest average ever seen in Canada was 140c/L in 2008. Following a brief respite in April, price rose again to today’s high as market imbalances continue, compounded with seasonal demand increases which refiners are struggling to meet. Prices in parts of Canada’s West Coast have already reached heights of over 230c/L, and diesel has seen prices skyrocket to even higher levels, approaching 250c/L in some areas of the country.
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.”
GasBuddy expects gas prices in Canada could continue to rise in the coming weeks. Summer demand has the potential to send prices even higher, putting pressure on an already unstable market. Drivers should practice smart habits when it comes to filling up, shopping around for the best gas prices and increasing fuel efficiency by driving slower and less aggressively.
About GasBuddy
GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy™ payments card that offers cents-off per gallon at virtually all gas stations across the US. As one of the most highly-rated apps in the history of the App Store, GasBuddy has been downloaded over 100 million times. Acquired by PDI Software in 2021, GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visitwww.gasbuddy.com.