Gas prices expected to spike this weekend amid Iran conflict

The sudden jump in the price of gas is hitting Montrealers hard.

Gas prices are expected to jump again this weekend and could go as high as $1.91 per litre.

The impact is being felt by everyone, including one taxi driver who said the extra cost of fuel is cutting into his already razor-thin margins.

The U.S.-Israel war against Iran has choked off the world’s oil supply, with prices increasing between 20 and 24 cents a litre since the start of the conflict almost two weeks ago.

Diesel is up almost 50 cents a litre.

Gas price expert Dan McTeague says the impacts will go far beyond the pump.

“All transport forms are going to be looking for more money because they can’t absorb these costs,” McTeague said.

The Quebec Trucking Association says there are surcharges built into their contracts that allow them to pass along the extra fuel costs.

“The impact is obviously for the consumer. Obviously the first image that we always have the grocery bag that goes up. But there is much more involved in the manufacturing sector, in the agricultural sector,” said Marc Cadieux with the association.

Based on global commodity prices, McTeague is predicting another 10- to 15-cent increase at the pump by Sunday.

“Whether you drive or not or whether you drive an EV or not, this is going to affect the cost of everything,” he said.

As the war intensifies, Donald Trump is trying to spin rising oil prices as a positive for the U.S., posting on Truth Social that the U.S. is the largest oil producer in the world by far, so when prices go up the country makes a lot of money.