London

Dust off your walking shoes or bicycle: Gas prices only getting more expensive, experts warn

If you use a gas-powered vehicle to get around, you know that prices at the pumps keep going up and experts say they're going to stay on that upward trajectory for the foreseeable future.

In Newfoundland and Labrador and BC, some stations are charging $2 per litre

Gas prices in London, Ont., on March 4, 2022. (Travis Dolynny/CBC )

If you use a gas-powered vehicle to get around, you know that prices at the pumps keep going up and experts say they're going to stay on that upward trajectory for the foreseeable future. 

At most London stations, regular gasoline was selling in the $1.72 per litre range, about 10 cents more per litre than we were paying a few days ago. 

"I actually was shocked when I filled up. I guess it won't be long before we're going to be trying to figure out some alternatives," said one Londoner filling up on Thursday. "We do all these small road trips on the weekend and we're giving second thoughts to those now." 

The price of a litre of gasoline at the retail level has hit record highs in many Canadian markets this week, with prices under $1.50 per litre becoming harder to find, even in oil-rich Alberta. Meanwhile, some drivers in British Columbia and Newfoundland and Labrador are contemplating the eye-watering figure of more than $2 per litre for the first time.

"I feel bad for poor people who are on fixed incomes," another driver told CBC News. "It's hard for them because they have to go to work and everything." 

Russia's move to invade neighbouring Ukraine has thrown markets around the world into chaos, perhaps none more than the energy market, since the country is one of the largest producers of oil and gas in the world.

Dan McTeague, president of Canadians for Affordable Energy, said there seems to be no immediate end in sight to the rising costs at the pump.

"It looks like we're going to continue to see prices moving up toward the $1.77 range, likely by as early as Saturday," McTeague told CBC News. 

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