Many motorists across Ontario and Quebec woke up to much higher gasoline prices on Wednesday, just as the Easter long weekend approaches. But all of Canada is in for some pain at the pump this summer, according to Dan McTeague, an analyst at GasBuddy.com
“This is going to be the most expensive year, bar none, since 2014,” he told Global News.
U.S. demand for gasoline “looms large” on gasoline prices this year, said McTeague.
When oil markets are saturated, the loonie tends to weaken, but the price of gasoline in Canada is pegged to price benchmarks denominated in U.S. dollars.
Government is also to blame for pricier fuel. At least four provinces have increased taxes over the past year, noted McTeague.
Surging U.S. demand and a weak loonie will compound a number of seasonal factors that make gasoline pricier in the spring and summertime.