Gas pump pain, wherever you are

If you’ve been holding off on filling up in the hope gasoline prices would stabilize, you should reconsider.

The price at the pump for regular gas has hit $2 a litre in parts of British Columbia, as Canada continues to see the numbers spike, as they are around the world.

According to Gasbuddy.com, the price in Kelowna on Friday was between 174.9 to 176.9 cents for regular.

Russia’s invasion of Ukraine has pushed oil prices to levels not seen in the last eight years. Many tanker companies have shunned 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, said on a live stream video Friday, prices are likely to increase in Canada and the United States.

“In Canada, prices are already at an all-time record high. Much of Canada will continue to see prices go up by another five to 15 cents per litre over the next one to two weeks. The pain is equal no matter where you are.”

De Haan added the sanctions on Russia’s banking and shipping industries are essentially putting a chokehold on Russian oil exports which have plummeted.

With files from The Canadian Press.