Gas prices are up sharply and could keep rising, analyst warns

DM

Since dropping to multiyear lows last spring, gasoline prices have been on the rise, eclipsing pre-pandemic levels. With the summer driving season approaching and the economy set to reopen, the temporary break from pricey gas is likely over, says one analyst. Gas prices eased slightly over the past week due to concerns about rising COVID-19 cases in Europe. But that move follows a gain of about 20 per cent since the beginning of 2021, and nearly 60 per cent since last April, according to price tracking by GasBuddy. The average price across Canada was about $1.24 per litre on Monday. “I think that the downturn that we’re seeing here in the last few days is temporary and we could eventually see prices in Canada potentially eclipse some of the higher levels we’ve seen in recent years,” Patrick De Haan, head of petroleum analysis for GasBuddy told CTVnews.ca in an interview.

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