Northwest Territories gasoline prices have not fluctuated in a week from an average of $2.10.6 per litre as of Sunday, although the national average rose 3.9 cents per litre to $1.45.7 per litre over the week, according to GasBuddy.

The average NWT price has actually held steady on a monthly basis as well.

However, the average price in the territory is 97 cents per litre higher than in January 2021, GasBuddy noted in a Monday news release.

Historically, NWT prices on Jan. 2 rang in at $1.13.6 cent per litre in 2021; $1.33.8 in 2020, $1.45.8 in 2019 $1.21.5 in 2018, according to GasBuddy.

Nationally, the average amount paid for gas was 6.1 cents per litre higher than Jan. 1, 2022 and was down 3.8 cents per litre on a monthly basis.

In neighbouring jurisdictions, the average gasoline price last week was $1.28.8 in Alberta and $1.64.4 in British Columbia.

“Canada’s average price of gasoline rose sharply last week, as extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three year Covid-zero policies appear to be coming to an end. While the jump at the pump will likely be temporary as most refiners get back online after cold-weather related issues, some regions like the Rockies may see more price increases than others as cold-weather shutdowns hit the region fairly hard, with one refinery likely remaining down through the first quarter of 2023. Most areas have seen the bulk of the rise already hit, but should oil continue to rally, more increases could be on the way.”

The most recent NWT price was arrived at by surveying the amount charged by 17 gas outlets across the territory, stated GasBuddy, which bills itself as a technology company “changing the way more than 70 million consumers find, purchase and save money on gasoline.”

Derek Neary

Derek Neary has been reporting on developments in the North for 18 years. When he's not writing for Nunavut News, he's working on Northern News Services' special publications such as Opportunities North,...

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