Fuel costs proceed to soar for weekend drivers, specialists predict no fast aid

Nationwide fuel costs continued their staggering rise this weekend, with drivers in Vancouver advised to brace for as a lot as $2.34 per litre on the pumps.

Figures on the gas tracker GasBuddy confirmed the nationwide common value of normal fuel reached $1.95 per litre on Saturday afternoon, with provincial averages reaching $2.15 in Newfoundland and Labrador and $2.11 in British Columbia.

Fuel Wizard predicted vital jumps in varied cities Sunday, with Vancouver anticipated to see costs surge six cents to a nationwide excessive of $2.34/litre. Montreal was projected to see a four-cent leap to $2.15, and Toronto was on tempo for a six-cent improve that will take common costs to $2.09.

“These are mind-numbing, eye-popping costs that … might be not sustainable for many Canadians on fastened incomes/center class,” Fuel Wizard analyst Dan McTeague, additionally president of Canadians for Inexpensive Vitality, mentioned Saturday.

“I feel it’s truthful to say most Canadians are taking a pounding on this and it’s not those who drive for kicks and giggles, it’s those that want this to get to work…. And will probably be long run.”

St. John’s is predicted to see the largest leap Sunday at 13 cents to $2.24/litre. Costs in Edmonton are projected to be among the many lowest at $1.70/litre.

Many specialists have attributed hovering fuel costs to market destabilization introduced on by Russia’s assault on Ukraine, in addition to recovering international demand as COVID-19 restrictions ease.

McTeague acknowledged these as components, however characterised the spike as extra of a provide difficulty that predates the conflict and is barely being exacerbated now.

He known as for a short lived suspension of the carbon tax and for Ottawa to supply a right away power rebate, noting that hovering fuel costs have additionally elevated the federal GST haul.

“They’re earning money hand over-over-fist. It appears to me that it could be smart for them to at the least contemplate some form of a rebate, or at the least a method to alleviate, by means of perhaps a GST rebate, to insulate and assist these on fastened incomes and people after all who’re having a tricky go of it,” mentioned McTeague, a former Liberal member of Parliament.

On Friday, B.C. Premier John Horgan mentioned lowering taxes could be a “short-sighted” plan that solely presents a “modest quantity” of aid.

He mentioned he has requested the finance minister “to convey ahead a basket of initiatives as a result of this isn’t a short-term difficulty.”

Till then, he inspired residents to cut back journey prices the place attainable.

“We have to try this by all of us taking the steps that we are able to to cut back the quantity we spend and likewise guaranteeing that we’re working collectively. If you happen to’re going to the grocery retailer and you recognize you’ve obtained a neighbour that wants one thing, ask should you can choose it up for them and cut back the variety of journeys that we take,” he mentioned.

“Proper now I encourage folks to assume earlier than you hop within the automotive — do you have to make that journey?”

This report by The Canadian Press was first revealed Could 14, 2022.

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