Toronto

Gas prices push record highs as demand surges, supply constrained

Drivers across Canada can expect more pain at the pumps on Wednesday as gasoline prices push new records. Natural Resources Canada says the average price in Toronto for regular gasoline averaged just slightly under $2 a litre on Tuesday.

Prices in Toronto crept up to just under $2 a litre Tuesday

A man fills up his car with fuel in Toronto on May 6, 2022. Gas prices are expected to continue rising across Canada. (Alex Lupul/CBC)

Drivers across Canada can expect more pain at the pumps on Wednesday as gasoline prices push new records.

Natural Resources Canada says the average price in Toronto on Tuesday for regular gasoline crept up to just slightly under $2 a litre, while the average across Canada hit 197.4 cents per litre for an all-time high.

The Canada-wide average price inched up slightly from 197.1 cents per litre on Monday, while prices are up more that twelve cents from a week ago.

In Vancouver, prices averaged about $2.23 a litre, and in Edmonton the average was just under $1.30 a litre.

Gasoline prices have spiked as oil tops US$100 a barrel, in part because of supply disruptions related to Russia's invasion of Ukraine.

The higher prices also come as the re-opening of the economy has led to high demand for gasoline that refiners have limited capacity to meet.

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