Gasoline prices to keep climbing, in spite of crude oil pullback
BNN Bloomberg
Gasoline costs across Canada are expected to keep rising despite a significant mid-week dip in the price of oil.
Gasoline costs across Canada are expected to keep smashing records despite a significant mid-week dip in the price of oil.
The average Canadian retail fuel price Thursday morning climbed to nearly $1.87 per litre, up from about $1.85 on Wednesday and $1.66 per lire last week, according to gasoline price tracking website GasBuddy.com.
The gains came in spite of the first significant pullback in crude prices since the war in Ukraine started and sent demand soaring. 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.
WTI hovered around US$110 again mid-morning Thursday.
GasBuddy.com analyst Patrick de Haan said while Wednesday's crude selloff is welcome news for drivers, retail prices at the pumps lag behind oil prices by several days.
That means, he said on Twitter, that gasoline prices will continue to rise in the immediate future.
