Gasoline prices shot up in Vancouver early Friday, hitting $1.41 a litre at many stations – the highest in Canada according to the website Gasbuddy.com.
Average city gas prices/litre
- Vancouver $1.41
- Quebec City $1.36
- Halifax $1.36
- Montreal $1.31
- Toronto $1.29
- Victoria $1.26
- Saskatoon $1.20
- Winnipeg $1.18
- Calgary $1.12
- Edmonton $1.09
(Source: Gasbuddy.com, Feb. 24, 8 a.m. PT)
Industry analysts blame tensions in the Middle East over Iran, rising demand in India and China and shutdowns at oil refineries on the east coast of the United States. Many industry watchers are predicting prices will spike higher this summer.
Crude oil futures were up 64 cents US to $108.47 a barrel in New York trading Friday. That's a nine-month high.
According to Gasbuddy.com, which uses consumer feedback to track the price of gas across Canada and the United States, the lowest average price is $1.09 a litre in Edmonton, but some stations in that city are selling gas for as little as $1.05.
In Wyoming, drivers are paying as little as $2.84 per U.S. gallon, or about 75 cents a litre. The average gas price in the U.S. on Friday was $3.61 a gallon. That's up about eight per cent in the last month.