Advertisement

Gas prices continue rising despite dip in crude oil price

Click to play video: 'With gas prices soaring, how can you save money? AMA’s fuel efficiency tips'
With gas prices soaring, how can you save money? AMA’s fuel efficiency tips
WATCH: With gas prices soaring, how can you save money? AMA’s fuel efficiency tips – Mar 9, 2022

On Wednesday, the price of benchmark West Texas Intermediate closed at US$110.36, down nearly 11 per cent from the previous day’s trading. It marked the first significant pullback since the war in Ukraine started and sent oil prices soaring.

GasBuddy.com analyst Patrick de Haan says lower crude prices are good news for drivers, but will only serve to slow the rate of increase at the pumps.

He says retailers haven’t fully passed recent cost increases on to consumers yet, so oil prices are going to keep rising for a while yet.

Click to play video: 'Rising gas prices lead to increased travel costs in Edmonton'
Rising gas prices lead to increased travel costs in Edmonton

Natural Resources Canada data shows the daily national average retail price for gasoline Wednesday was $1.87 per litre. In parts of B.C., including Vancouver, prices have topped $2 per litre this week.

Story continues below advertisement

Read more: Consumers expected to pay more for services amid record-breaking gas prices

Gasoline price forecasting site GasWizard.ca predicts Montreal and Quebec City will break the $2 per litre threshold today, while many Ontario locations could see gas prices as high as $1.90 per litre.

Click to play video: 'Gas prices expected to drop by $.15 Friday morning'
Gas prices expected to drop by $.15 Friday morning

Sponsored content