Crude awakening: Montreal's gas prices have doubled in just two years

Mar 4 2022, 9:36 pm

Montreal’s gas prices are officially more than twice as high as they were only two years ago.

The average price of a litre of regular gasoline in the Montreal area hovered around 1.84 cents on Friday. Those who fill up their vehicles with premium gas had to pay more than two dollars a litre.

Just 24 months ago, one could easily find gas in the city for below 90 cents a litre.

The following graph shows the progression of average prices at Montreal’s petrol pumps.

Gasbuddy

Montrealers were not alone in their fill-up sorrow. According to the latest daily pump price survey from Kent Group, the average price for fuel in Canada sits at $1.762 per litre on Friday, March 4, 2022.

Nobody had it worse than Vancouver, as gas prices officially crossed the $2-per-litre threshold at many stations in Western Canada Friday morning, setting a new nation-wide record.

People have been quick to point to the ongoing Russia-Ukraine conflict as a source for the vast increase. And experts agree that it is certainly a contributing factor.

Vijay Muralidharan, director of consulting at Kalibrate & Kent Group in Calgary, says the cost of fuel has skyrocketed thanks to both an increase in demand in the post-COVID era and the invasion of Ukraine by Russia.

ā€œItā€™s about 18 to 20 cents higher a litre because of the war in Ukraine,ā€Ā saidĀ Muralidharan.

ā€œYou have a scare with Russiaā€™s oil output, it freaks out the market at the sure thought at the risk, it creates uncertainty. Itā€™s 100% due to the Russia/Ukraine conflict. Thereā€™s no explanation beyond that.ā€

With files from Laine Mitchell

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