Gas prices in Canada expected to hit 4-year high in 2018

According to a report released today by GasBuddy, motorists can expect to pay more at the pump again in 2018.

According to the report, motorists can expect to see a yearly average of $1.19 per litre in 2018, which is the highest since 2014.

The month of January will see the lowest prices at an average $1.13 per litre, while September will average $1.24 per litre, making it the priciest month of the year.

"Circumstances beyond Canada’s control, including a surging U.S dollar versus a weaker loonie, increasing U.S. fuel demand and growing exports, will put a premium on what Canadians will pay at the pumps in 2018. We estimate pump prices will, therefore, rise an average of 5 cents a litre across the country,” says Dan McTeague, senior petroleum analyst.

"Government decisions to implement or increase carbon taxes guarantees no driver will be spared a further hit to their pocketbooks. 2018 promises to be another year that petroleum products leads the way in pushing up the overall cost of living for Canadians, setting in motion inflationary pressures that could, in turn, lead to higher interest rates," says McTeague.

The report also predicts that the West Coast will see the highest daily averages in 2018, with Vancouver expected to have a highest daily average of $1.46 to $1.52.