TORONTO – If you are going on a vacation and planning to drive there this summer, you might want to start saving some gas money.
Canadians may soon be filling up their gas tanks at an average of around $1.40 per litre, a price they have not seen since the summer of 2008.
According to the co-founder of Gasbuddy.com, Jason Toews predicted the national average for regular gas could hit $1.40 per litre by Victoria Day.
Gasbuddy.com indicated that the current Canadian average price at around $1.28 per litre. It is at the highest level since the financial crisis hit in the fall of 2008.
Toews said about 70 per cent of the cost of gasoline comes from the global price of crude oil.
He said as motorists begin to take the road during the start of summer, the demand will increase and so will the price.