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Gas prices continue soaring in Canada, breaking records in New Brunswick

Gas prices in New Brunswick have soared to the highest in the province's history as record-setting prices continue sweeping Canada this week.

Regular self-serve increased two cents today in the province, bringing the maximum price to a 142.7 cents per litre. That breaks the previous New Brunswick record of a 142.2 cents per litre, set in April 2012.

Earlier in the week, the price of gasoline in the Montreal and suburban Laval areas jumped to 153 cents per litre, tying a record high set two years ago.

Part of the reason for the rise is the increasing price of West Texas Intermediate crude, North America's leading oil benchmark. That is in part due to technical developments, including the startup of the Gulf Coast pipeline between Cushing, Okla., and Texas refineries, according to Patricia Mohr, vice-president and commodity market specialist at Bank of Nova Scotia.

Another key factor is the risk premium in international oil prices caused by uncertainty in Ukraine and Russia, she said. There is added pressure on Canadian prices because of the decline in the value of the dollar against the U.S. currency, other analysts point out.

How does your area compare? Consult the map for prices across the country. Read the related story.

Graphic by Trish McAlaster/The Globe and Maill

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