Gasoline prices hit record highs in Canada

World Materials 5 March 2022 06:07 (UTC +04:00)

Gasoline prices have hit record-breaking highs in Canadian cities, Natural Resources Canada revealed on Friday, Trend reports citing Xinhua.

According to the daily average retail prices for regular gasoline published by the agency, the price per litre reached 200.1 Canadian cents (1.57 U.S. dollars) in Vancouver and 201.3 cents (1.58 U.S. dollars) in Labrador City, for the first time in the Canadian history. The average price per litre in Canada reached 176.2 cents (1.38 U.S. dollars).

Due to the growth in gasoline prices, year-over-year consumer price index inflation gain is currently at 5.1 percent, well above Canadian central bank's target range, which means more interest rate increases are expected in coming months.