Record Gasoline Prices Will Continue Through 2022
Gasoline prices in Winnipeg are at an all-time high and aren’t expected to drop anytime soon, experts say.
Many stations in Winnipeg have gas prices close to $1.50/litre as of Wednesday morning.
Less than 100 km from the Manitoba border, Red Lake Ontario now has the second highest fuel price in Canada, after $173.1 in Vancouver.
Unfortunately, as Patrick DeHaan, Head of Petroleum Analysis at GasBuddy tells us, prices are expected to continue to climb throughout the year.
“The price of oil continued to climb on fears of a possible Russian invasion of Ukraine, which could risk disrupting the flow of oil. With that, oil prices last week reached $93. per barrel – the highest level since 2014,” says DeHaan.
“We are also entering a time of year where gasoline prices tend to rise as Canadian gasoline transitions from winter gasoline to summer gasoline in the coming months, we see demand start to increase and at the same time refineries are doing maintenance. – which limits capacity.
Although DeHaan notes that there are many variables at play, we could start to see lower prices by the end of 2022 as record high oil prices help incentivize additional gasoline production.
Winnipeg’s prices are both below the provincial and national averages, at $147.9.
*With files from Ryan Forbes