Victorians could see higher prices at the pumps due to current crisis in Ukraine

Gas prices across Victoria are anticipated to rise even higher following Russia’s attack on Ukraine, after already reaching a record-high this month.

On February 16th, prices at the pump rose to an unprecedented 179.9 cents per litre in BC’s capital, setting a new record for the highest prices we’ve ever seen for fuel in Greater Victoria.

Though they’ve since levelled out a bit, currently sitting at an average 172.9 cents per litre in the region, a bigger jump in fuel prices could be on the way, experts warn.

This is largely due to the ongoing crisis between Russia and Ukraine, and the fact that Russia is the world’s third largest producer of oil, making up 11 per cent of the global share.

With the attacks on Russia putting even greater pressure on already surging oil prices, Canadians across the entire country will likely be affected when filling up their gas tanks.

International benchmark Brent crude oil surpassed $100 a barrel this morning for the first time since 2014, and oil prices have jumped more than $20 a barrel since the start of the year due to escalating Russia-Ukraine tensions.

Experts say we could see current gas prices jump as early as Saturday, and that there’s potential gas could cost $2/L by summer.

Dan McTeague, president of Canadians for Affordable Energy, predicts that Canada could see a rise of 8-9 cents per litre this weekend.