Yahoo Finance Gas prices in Canada are about to rise — here's why
You might want to fill up everything you own that runs on gas, because prices at the pumps are going up after this weekend.
You could also be paying more to heat your home until warmer spring weather arrives. The federal Liberal government says it will offset the additional costs to Canadians with tax refunds.
Ottawa’s carbon tax kicks in at the start of April, which means gasoline, diesel, and heating fuel prices are going up in four provinces. In case you forget, the Conservatives plan to mass text voters about it.
Dan McTeague, senior petroleum analyst at GasBuddy, says gas prices will rise 5.1 cents per litre in New Brunswick, 5.0 cents per litre in Ontario, 4.6 cents per litre in Saskatchewan and Manitoba.
“In addition, British Columbia will be adding 1 cent to its current carbon tax for a total carbon levy of over 9 cents per litre,” said McTeague.
Prince Edward Island, Nova Scotia, and Newfoundland saw a 1 cent per litre rise in carbon tax to start the year.
“It won’t be a summer to remember at the pump thanks to myriad tax increases that will cost Canadians more every fill-up.”
McTeague says the carbon tax isn’t the only thing to worry about. Other factors including a 35 per cent rise in the price of oil since late December and a weaker loonie will add to the pain at the pumps. A changing season always means higher prices as well.
“Gas prices are in the midst of their seasonal surge as we begin the switchover from winter to more expensive summer fuel and already average prices have jumped nearly 20 cents per litre, but the bumpy road will be getting worse,” says McTeague.
A 20 cents per litre increase means about $9 more per fill-up on average.
McTeague says it will be a “wild ride” at the pumps and and gas prices would “turn out to be more expensive than any year since 2014, helped in no small part by an increase in taxes and currency challenges.”
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