Canadian motorists can expect a wild ride at the pumps for 2019 as world markets move sharply in different directions for the foreseeable future according to a new price forecast report from Gasbuddy.com.
Fuel prices are expected to shift dramatically by spring and summer and reach an all-time high since 2014, helped in no small part by an increase in gas taxes and currency challenges.
Dan McTeague, senior petroleum analyst with GasBuddy. “With carbon taxes set to begin or increase in 8 of 10 provinces, the average hike of 5 cents per litre by April 1st, combined with a limping Loonie, will almost certainly force up the cost of filling your tank, just in time for the summer driving season and switch over to more expensive summer gasoline. The tax increases will be particularly noticeable in Vancouver which will displace Montreal as the highest taxed jurisdiction on fuel in North America.”
Loonie Forecast Doesn’t Help
The loonie, which is now 10 cents weaker than the U.S dollar, is predicted to continue to weaken throughout the year of 2019, which will help dramatically affect gas prices.
We’ve definitely seen the rise and fall of gas prices in 2018, and 2019 is set to be no different, with a variety of high and lows throughout the year.
Yet, with 2019 being predicted to be the highest year of gas prices since 2014, enjoy the lower prices of gas while it lasts, as this year is going to be a roller coaster of ever-changing gas prices. Especially in these upcoming summer months.
GasBuddy is the leading source for crowdsourced, real-time fuel prices at more than 150,000 gas station convenience stores in the U.S., Canada and Australia.