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Gas prices down slightly from record highs earlier this week

CALGARY — Gasoline prices in Canada have declined slightly just before the May long weekend, but it's still expected to be a pricey summer at the pumps. As of midday Friday, the average retail price at the pump across Canada was $1.
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Gas prices are displayed in Carleton Place, Ontario on Tuesday, May 17, 2022. THE CANADIAN PRESS/Sean Kilpatrick

CALGARY — Gasoline prices in Canada have declined slightly just before the May long weekend, but it's still expected to be a pricey summer at the pumps.

As of midday Friday, the average retail price at the pump across Canada was $1.99 per litre, according to fuel price tracking service GasBuddy.com.

That makes it the first day that the Canadian average gas price has dropped back below $2 since first hitting that all-time record milestone on Tuesday of this week.

But while drivers with Victoria Day weekend plans may appreciate the small reprieve, they should still expect high prices at the pumps in the coming months.

Gasoline prices have been elevated since late February when oil spiked to around US$100 a barrel after Russia invaded Ukraine, and there's no sign of those crude prices coming back down any time soon. As of midday Friday, the benchmark West Texas Intermediate crude price was hovering at over US$112 a barrel.

Year-over-year, retail gasoline prices in Canada are up 55 per cent, according to GasBuddy's website, and prices could continue to rise in the coming weeks as summer demand has the potential to send prices even higher and put pressure on already unstable markets.

On Friday, drivers in Newfoundland had the highest gas prices in the country, averaging $2.24 per litre, followed by B.C. at an average of $2.17 per litre.

The most affordable gas could be found in Alberta, where prices at the pump averaged $1.69 per litre, followed by Saskatchewan at $1.86 per litre.

This report by The Canadian Press was first published May 20, 2022.

The Canadian Press