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Kalibrate’s research has found that every $1 jump in crude oil prices correlates to a half-cent increase at the pumps in Canada, Muralidharan said. There are other factors at play, according to the analyst, including an increase in refinery margins and the growing demand for fuel that normally comes during the summer. With many COVID-19 restrictions lifting, people are getting back into their cars for road trips and other vacations.

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