The head of petroleum analysis at GasBuddy.com described the recent hike in price of fuel as a “blistering week of gas prices jumping in nearly every town, city and province possible.”

And more bad news is on the horizon according to Patrick De Haan who says, “New records will continue to be set with prices likely to continue rising as oil prices have jumped to their highest level since March.”

He says gasoline inventories continue to decline and even with demand softening due to high prices, a culmination of less refining capacity than North America had prior to Covid as well as strong consumption, it doesn’t appear the situation will look to improve drastically anytime soon. In addition, diesel prices also stand at a record high which he called “a second gut-punch to consumers which pushes prices of most goods higher.” That being because it takes diesel to fuel tractor trailers and tractor trailers are what take goods to market for consumers to buy.

Average retail gasoline prices in Saskatoon have risen 8.2 c/L in the past week, averaging 195.28 c/L yesterday, according to GasBuddy’s daily survey of 81 gas outlets in Saskatoon. This compares with the national average that has increased 9.5 c/L in the last week to 206.33 c/L, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Saskatoon during the past week, prices yesterday were 70.1 c/L higher than the same day one year ago.