The price of gas continues to go up in Canada and, in some regions, is breaking records.
The two-day average price at the pump per litre has gone up in Ontario, Quebec, New Brunswick, Nova Scotia and P.E.I., according to the Canadian Automobile Association (CAA).
Experts say geopolitical tensions are behind the recent increases, and that even higher costs are just around the corner.
Tensions between Russia and Ukraine have “the market on its edge as gasoline and crude product stocks are quite low,” said Al Salazar, vice-president of intelligence at energy analytics firm Enverus.
Analysts say energy markets are already looking at the tensions as a very serious risk, “and therefore prices are moving higher,” said Dan McTeague president of the advocacy group Canadians for Affordable Energy.
He said gas prices in the Toronto area hit record highs this week — passing the record of $1.499 per litre set on Nov. 4 of last year to hit almost $1.52 per litre.
In Quebec, the average price per litre is up 2.9 cents from last week, now sitting at about $1.546. Gassing up in Nova Scotia has also gone up compared to last week, from $1.45 to $1.467 a litre, on average.