CALGARY: Following a brief dip earlier this week, fuel prices in Calgary have surged once again. By Thursday morning, gas stations across most parts of the city were retailing regular gasoline at a steep $1.72 per litre. This marks an approximate increase of 17 cents compared to the prices recorded on Monday. Energy analysts point to the ongoing instability in the Middle East and tightening global crude supplies as the primary drivers behind the sudden spike.
According to the latest data from the U.S. Energy Information Administration (EIA), crude oil inventories fell by eight million barrels during the final week of May. This drawdown was significantly larger than market experts had anticipated, escalating concerns over supply shortages and keeping market prices highly elevated. Despite the current spike, energy experts estimate that fuel prices will remain relatively stable around this current mark through the upcoming weekend.
Looking at fuel rates across Canada, British Columbia continues to register the highest prices at the pump. Meanwhile, Alberta and Saskatchewan maintain their positions as the provinces offering the most affordable fuel rates in the country.
