Winnipeggers felt major pain on the pump on Thursday morning, as gas prices shot up greater than 20 cents to only shy of $1.89 per litre.
Prices haven’t been this high in Winnipeg for the reason that summer of 2022, after they went over $2 per litre. And that’s a milestone experts say we could hit again soon.
Oil demand is vastly outstripping supply attributable to the war in Iran and blockades within the Straight of Hormuz. Dan McTeague from Canadians for Reasonably priced Energy says the market is in an “upward spiral” prone to last an extended time.
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“We could see these prices remain this high, this elevated, not only a matter of days or even weeks, even when there’s a peace agreement, but for much of 2026,” says McTeague.
For individuals who purchase a whole lot of gas, corresponding to truckers, the fee has a serious impact on their bottom line.
“For those carriers which might be under contract, they simply should absorb the prices and so they just should ride through this volatility,” says Susan Green, communications manager for the Manitoba Trucking Association. “But for other carriers who will not be on a contract, then they may have opportunity to pass those increased fuel costs along to the shopper.”
Farmers, too, could have to look closely at their margins this 12 months, with Keystone Agricultural Producers saying members expect to spend 50 per cent more on fuel than they did last 12 months.
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