As the season of turbulent economic conditions continues, gas prices are set to climb at midnight once again, to the largest its been in over a month.
According to Canadians for Affordable Energy, gas prices in Waterloo Region are expected to climb by 8 cents on Wednesday, July 15, up to as high as $1.72.9 per litre.
That will mark the largest increase since July kicked off and the highest total seen in over a month, when prices sat at an average high of $1.75.9 per litre on June 5.
It comes as the summer travel season continues, with demand continuing to climb as people head to the roads for vacations and cottage season.
That’s alongside the ongoing hostilities in the Middle East, as the war between the U.S. and Israel against Iran continues, with U.S. President Donald Trump confirming that the previous ceasefire with Tehran has ended, with the globally significant Straight of Hormuz blocked off once again.
It’s had continued impacts on the economic landscape across the world, inflating prices on regular everyday goods, including, in this case, on the price of oil and gasoline.
For those who regularly drive a truck or rely on diesel fuel for their commutes, jobs, etc., the news isn’t any better, with those prices expected to make a double-digit climb.
Canadians for Affordable Energy stated that diesel prices could climb by as much as 12 cents at midnight, bringing it to an average high of $2.06.9 per litre.
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