Albertans ought to anticipate even larger fuel costs earlier than Might lengthy weekend: analyst |

Albertans should expect even higher gas prices before May long weekend: analyst  |

2022-05-14 06:44:22

Gasoline costs in Edmonton and Calgary notched up this week, persevering with to place inflationary pressures on Albertans’ pocketbooks.

Many fuel pumps throughout Calgary registered $1.719 per litre on Friday, just a few cents costlier than within the province’s capital.

And in accordance with one analyst, costs are more likely to proceed their rise earlier than the Victoria Day lengthy weekend.

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“We’re simply butting as much as the time frame… which we name the unofficial launch of the summer season driving season,” Dan McTeague of Gasoline Wizard and Canadians for Reasonably priced Vitality stated, noting the post-emergency part of the COVID-19 pandemic has individuals itching for a return to journey.

The bounce on the pumps is due to demand outstripping the provision of gasoline, diesel and oil, he stated.

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“And on the identical time, we’ve seen an uncharacteristic lower within the worth of the Canadian greenback – it’s been very timid. Within the face of upper crude costs, Canadians might at all times rely on a greenback that will enhance in worth versus the U.S. dollar.”

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West Texas Intermediate oil costs haven’t been beneath $90 per barrel since February.

The Canadian greenback has been sliding in worth since mid-April.

At an unrelated press convention, Premier Jason Kenney acknowledged costs on the pump usually observe commodity costs.

He credited fuel retailers for apparently passing alongside the $0.13 per litre financial savings to prospects after the province paused the provincial gasoline tax.

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And he stated extra assist may very well be coming quickly to Albertans.

“If our fiscal and financial state of affairs continues to enhance as a province, we’re contemplating stepping up with further measures early this summer season to assist individuals with the price of dwelling,” the premier stated. “Late spring or early summer season could be our horizon.”

Kenney additionally blamed “elements past our provincial management” for elevated vitality prices, naming the federal authorities’s “very unfastened financial coverage” which he blamed for driving inflation.

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McTeague stated world vitality uncertainty from the struggle in Ukraine, the U.S. Federal Financial institution rising rates of interest and hypothesis of recession have mixed to extend wholesale gasoline costs for fuel station operators and lead to a “fairly skinny” revenue margin for them.

“I think that if we see one other enhance of $0.05 a litre on the wholesale facet for Sunday, a great, protected guess that (Calgary) may very well be $1.75 a litre in some unspecified time in the future earlier than the Might lengthy weekend,” he stated.

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If Albertans cringe on the elevated costs within the province, McTeague stated different Canadians are doubtless trying on “with nice envy.”

“Come to Toronto, the place it’s going to be $2.07 on Sunday. It’s going to be $2.15 in Montreal. It’s going to be $2.22 in Newfoundland. It’s going to be $2.31 in Vancouver.”

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