Gas prices set new record in Waterloo region

The price of gas in Waterloo region hit a new record Monday, as fuel prices continue to soar across the country.

As of 12 p.m., the average price of regular gas in Kitchener is $1.99 per litre, according to Gasbuddy.com. In Guelph it’s $2.00 per litre. Both are the highest averages recorded since the website started tracking prices in 2008.

The situation is even worse for diesel, with prices nearing $2.40 in the region.

“I’m retired, so my income is next to zero, and prices keep climbing up,” said one driver filling up in Kitchener. “I don’t know where this is leading, but somewhere there’ll be a point where I won’t drive.”

Another said she was considering an electric car.

“It makes you really wonder if, long-term, a gas car is the way to go,” she said of recent prices.

Meanwhile, at least one analyst says prices are set to climb higher

Canadians for Affordable Energy President Dan McTeague says gas prices will probably soar well past the $2 per litre mark by the end of May.

“We're looking at $2.10; another 10 cents the next two weeks,” he said Saturday morning.

In addition to the war in Ukraine, the European Union’s recent decision to stop Russian gas imports by the end of the year is also contributing to rising gas prices.

View the top ten stations and cheapest fuel prices in Waterloo region according to Gasbuddy.com here.

With files from CP24