Gas prices in Montreal have been revving back up after a significant drop three weeks ago. The cost of unleaded rose seven cents on Sunday and is expected to go up another seven cents on Wednesday, bringing the average to $1.99 per litre.
Price monitor Gas Wizard shows costs have fluctuated around $1.90 per litre since the middle of this month.
After hitting a $2.22 per litre record high in mid-June, fuel fell under the $2 mark for the first time in months at the start of July. And that downward trend has maintained. On Tuesday, most gas stations in the city were selling under average price. CAA-Quebec recommends filling up your tank while pump prices stay under market value.
According to Gas Buddy, the price of gas in Montreal has mostly followed the ups and downs of the Canadian average, albeit at a higher rate. This week is showing a wider divergence, however, as prices turn back up in the city, while national averages continue to fall.
A chart showing the average for gas prices in Montreal over the past month compared to the Canadian average.Courtesy of GasBuddy
Statistics Canada revealed last week that Canadians paid 55% more for gasoline in June after a 48% increase in May, which contributed the most to consumer inflation.
"Gas prices largely followed crude oil prices, which peaked in the first week of June with higher global demand amid the easing of COVID-19 public health restrictions in China, the largest importer of crude oil. Crude oil prices eased in the remaining weeks of June amid slowing demand worldwide related to concerns of a global economic slowdown," wrote the federal agency.
