Fuel, food rebates ‘would not bring down’ prices amid Iran war: economists
Global News
The Iran war has raised the price of crude oil beyond US$110 per barrel in international markets, spurring affordability concerns in Canada and around the world.
Canadians are feeling the pinch in their wallets as the oil shock from the Iran war has raised energy prices worldwide, with some unions calling for grocery and fuel rebates.
“When global instability drives up fuel and transportation costs, it doesn’t just show up at the gas pump. It raises the cost of groceries, heating, and everyday essentials. And it’s working families who are feeling it most,” the Canadian Labour Congress said in a statement Thursday.
The group, which counts dozens of unions across Canada among its ranks, is calling on the federal government to “expand supports targeted at working-class Canadians, including the Canada Workers Benefit and grocery-related affordability measures.”
The statement also called for the introduction of a “fuel rebate” to help Canadians deal with higher prices at the pump.
Canada’s national average for regular gas is sitting just below $1.70 a litre as of publication, according to CAA, and a month earlier it was closer to $1.28.
For an average passenger vehicle, that might mean paying roughly $20 to $25 more to fill up every time.
Higher fuel costs also threaten to raise grocery bills for Canadians; however, some economists say a rebate would be little more than a short-term measure.
“If we gave a rebate to Canadians for fuel prices, that would only deal with the symptom, which is higher prices. It would not bring down fuel prices and it would not bring down grocery prices,” University of Guelph food economist Mike von Massow said.
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