As crude oil prices hit a twelve-month high on Friday, Canadians planning to hit the road for the last long weekend of summer will pay more for gasoline than they did last Labour Day.
The national average gasoline price as of Friday was $1.67 cents per litre, according to fuel price tracking website GasBuddy.com. That compares with $1.37 cents per litre on Sept. 1, 2022.
On Friday, the benchmark crude price West Texas Intermediate hit a 12-month high, trading above US$85 per barrel compared to about US$75 per barrel one year ago. Still, he said consumers are likely to find some relief at the pumps into the fall and winter, as the impact of interest rate hikes by central bankers increasingly takes effect and global economies begin to cool, reducing demand for crude."Early next year I think you will see some breathing room, a demand pullback. It's going to come, it's inevitable."
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