The price of gasoline has topped $2 a litre at some stations in British Columbia as Canadians continue to see eye-popping numbers at the pump this week.
Gas prices across the country averaged out at $1.69 per litre as of late Friday morning, up from $1.65 the day before, according to gas price information website GasBuddy.com.
On Thursday, the retail price of regular gas reached $1.94 per litre in Vancouver, $1.66 per litre in Toronto and $1.76 per litre in Montreal, according to Natural Resources Canada.
In Victoria, prices at the pump have also climbed to $1.94 per litre earlier this week — an 18-cent per litre hike.
Russia’s invasion of Ukraine has pushed oil prices to levels not seen in at least eight years as tanker companies shun Russian crude and sanctions exclude some Russian banks from a global payments system, severely disrupting its exports.
Russia produces 10 per cent of the world’s oil supply.
Patrick de Haan, head of petroleum analysis for GasBuddy.com, says hefty price increases will likely continue across Canada and the United States.
“In Canada prices are already at all-time record highs. Much of Canada will continue to see prices go up another five to 15 cents a litre over the next one to two weeks. So the pain is equal, no matter where you are in the U.S. or Canada,” he told reporters on a live stream.
“Sanctions on Russia’s banking and shipping industries are essentially putting a chokehold on Russian oil exports, which have plummeted.”
The benchmark West Texas Intermediate price breached US$113 per barrel in afternoon trading Friday, a peak not hit since 2011.
Russia’s invasion, which began Feb. 24, has seen forces advance into Ukraine from three sides, converging on large cities and early Friday morning shelling a major nuclear power plant.