Gasoline prices crossed the $2 a liter mark in British Columbia on Friday, as Canadians continue to see the numbers climb at the pumps this week.
The price of a liter of gasoline across the country averaged $1.69 at the end of the morning, compared to $1.65 the day before, according to the specialized website GasBuddy.com.
On Thursday, the retail price of a liter of regular gasoline had reached $1.94 per liter in Vancouver, $1.66 per liter in Toronto and $1.76 per liter in Montreal, according to Natural Resources Canada.
Russia’s invasion of Ukraine has pushed oil prices to levels not seen in eight years. Oil companies are shunning Russian crude, and sanctions on Russia are excluding some Russian banks from a global payment system, severely disrupting its exports.
Photo: Darryl Dyck The Canadian Press
Gasoline was at a minimum of about $1.87 a liter on Friday at a Petro-Canada station in Burnaby, British Columbia.
Russia produces 10% of the world’s oil supply.
West Texas Intermediate’s benchmark price was trading Friday afternoon around US$113 a barrel, a high it hadn’t seen since 2011.
The invasion of Russia, which began on February 24, saw forces entering Ukraine from three sides, converging on major cities and bombing a major nuclear power plant early Friday morning.
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