Gas prices push record highs as demand surges, supply constrained

Drivers can expect more pain at the pumps this morning as gasoline prices push new records.

Natural Resources Canada says the average price across the country for regular gasoline hit 197.4 cents per litre on Tuesday for an all-time high.

The 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.

Prices averaged about $2.23 a litre in Vancouver, while in Toronto prices averaged slightly under $2 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.

This report by The Canadian Press was first published May 11, 2022.