The price at the pump increased again this week as drivers are seeing eye-popping gasoline prices close to $1.54 per litre.
Gas prices across the country averaged out at $1.69 per litre as of late Friday morning, with British Columbia seeing the highest cost at nearly $2, according to gas price information website GasBuddy.com.
Russia's invasion of Ukraine has pushed oil prices to levels not seen in at least eight years as tanker companies shun Russian crude and sanctions exclude some Russian banks from a global payments system, severely disrupting its exports.
Russia produces 10 per cent of the world's oil supply.
Patrick de Haan, head of petroleum analysis for GasBuddy.com, says hefty price increases will likely continue across Canada and the United States.
“In Canada prices are already at all-time record highs. Much of Canada will continue to see prices go up another five to 15 cents a litre over the next one to two weeks. So the pain is equal, no matter where you are in the U.S. or Canada," he told reporters on a live stream.
"Sanctions on Russia's banking and shipping industries are essentially putting a chokehold on Russian oil exports, which have plummeted."
But the cost of fuel is expected to continue to climb.
The benchmark West Texas Intermediate price breached US $113 per barrel in afternoon trading Friday, a peak not hit since 2011.
And, according to the Canadian Taxpayers Federation, the federal carbon tax will increase for the third time during the pandemic adding up to 11 cents per litre on April 1, 2022.
Russia's invasion, which began Feb. 24, has seen forces advance into Ukraine from three sides, converging on large cities and early Friday morning shelling a major nuclear power plant.
This report by The Canadian Press was first published March 4, 2022.