As forecasted, the price of gas jumped up 10 cents at all service stations in Moose Jaw on Thursday to 206.9 cents per litre. Thursday's increase made it the highest price seen in the city dating back to 2008.
The rise in price has increased the average gas price in Moose Jaw to 206.9 cents per litre, with the provincial average four cents lower at 202.9.
Since the beginning of 2022, the price of gas has gone up roughly 70 cents in Moose Jaw. The lowest average seen this year was back on Jan. 11, with a price of 134.9 cents per litre.
Regina gas prices made the jump to 206.9 cents per litre on Monday, which again was the highest seen in the city. As of Thursday, the average price per litre in Canada is listed at 209.7, which is just shy of the highest seen in the country back just a day prior.
GasBuddy Petroleum Analyst, Patrick DeHaan says many factors are causing the continuous rise in fuel prices across Canada and the world for that matter.
“The Russian invasion of Ukraine continues to play an active role, last week the European Union now announced is going to sanction Russian oil effective at the end of the year, causing a wider imbalance of supply and demand.”
“In addition, gasoline inventories in the US, which is the price setter for Canada have been declining. US gasoline inventories are now at their lowest seasonally since 2014, and that’s affecting the wholesale price being sent to Canada.”
DeHaan notes that though all these factors have affected gas prices, demand continues to be at an all-time high. He says that one million barrels a day have been lost of refining capacity have been lost in the last three years, some of which were due to the COVID-19 pandemic.
The most expensive gas price in Canada can be found in White Rock, BC, with a staggering price of 232.9 cents per litre. The lowest gas price in the country is in Bonnyville and Leduc, AB at 175.9.