TORONTO- GasBuddy, the only company connecting drivers with their Perfect Pit Stop, today reports that the chilly kickoff to the summer driving season sees gas prices near seasonal record highs across Canada, even as some areas have started to see mild relief. Overall, gas prices in many areas of the country will be close to the high levels seen last year.

"Despite the colder than usual weather, drivers are likely to continue to see pump prices that are near seasonal highs, and that will cost Canadians that are hitting the roads dearly," said Dan McTeague, senior petroleum analyst at GasBuddy. "With fresh polling suggesting a majority of Canadians are worried about rising fuel costs, the upcoming weekend could see a dip in fuel sales as a combination of cooler, damper weather postpones the trip north for another weekend as drivers and boaters consider the impact of higher fuel prices, especially in British Columbia, Saskatchewan, Manitoba and New Brunswick and Ontario, which are paying more in fuel taxes thanks to last month’s hike in carbon taxes."

In contrast to the last five years which saw national average pump prices range from a low of $1.05 a litre in 2016 and a high of $1.35 in 2018, drivers can expect to pay about 3 to 4 cents less on average. However, with British Columbians paying a much steeper price for gas, the province will set a record for the weekend holding at about $1.50 per litre, with Vancouver leading the charge at over $1.64 per litre.

Looking further ahead to the early summer, geopolitics could also play the role of spoiler given that global fundamentals show signs a tightening supply outlook given U.S. sanctions on Iran and Venezuela as well as tensions in the Middle East between Saudi Arabia and Iran. A continued decline in OPEC output as well as prospects of a civil war in Libya could also cause oil prices to reverse course. When added to meteorological events that have disrupted fuel supplies in the past such as Hurricanes in the Atlantic Basin, the reprieve drivers are getting this long weekend could be short lived. Domestically a weakening Canadian dollar and unforeseen disruptions such as curtailment of oil or gasoline pipeline deliveries might also present risks that could serve as a financial spoiler for those hitting the roads for the summer in the months ahead.