With an increase in fuel prices, Canadians are expected to dig more into their pockets. This trend comes after the fuel prices in Winnipeg increased by 10 cents on Thursday. A liter is now going for $1.429, up from $1.335. Residents have considered this difference to be huge since it has not been experienced for the past 13 years.
The increase in fuel prices is also expected to happen across the country in the coming days because of the low supply levels that are inconsistent in comparison to the high demand witnessed lately. Jet fuel has also increased by 64 percent while gas prices also followed suit.
Because of this shortage, other countries have embarked on a plan to reduce energy consumption. For instance, China has embraced this change, as Europe has witnessed a shortage in natural gas and coal.
The rise in fuel prices has gone up because of the pandemic witnessed globally. Otherwise, price fluctuations have been witnessed in the past whereby during winter, the gas prices usually fall down. Nonetheless, the country is hopeful that the situation will resume normalcy after the economy rebounds.
Therefore, Canadians are advised to brace up for tough times ahead before the global economy takes shape. With most countries embracing vaccination, there is a high likelihood that the pandemic will be over in a short while.
This will be a positive trajectory that will help to stabilize fuel prices. Most of the industries will have the capacity to resume their production; hence supply will match the market demand.
