Gas prices still booming in Calgary

Added: 2026-05-07

[00:00:00]Gas prices around the city rose sharply overnight, in some cases by nearly 40 cents a liter. According to GasBuddy, one station was selling for over a dollar ninety. This comes as much of the world's oil is still impacted by conflict in the Strait of Hormuz. Tyler Barrow has more.

[00:00:16]Pain at the gas pump as fuel prices soared overnight. Karan Singh just paid more than a hundred seventy-five dollars to fill up his truck.

[00:00:24]It's very hard for us to pay for the gas prices.

[00:00:28]Pain felt by all filling up the tank. Uh affordable before for me, but nowadays it's very very uh high. Prices in the city range between a dollar fifty-seven a liter and a dollar ninety per liter. Most stations were selling at a dollar and eighty-five cents per liter. That is a huge gap, and so it really reflects the volatility that's happening right now. The former CEO of the Alberta Petroleum Marketing Commission points to a tight supply caused by the war in Iran and the closure of the Strait of Hormuz. When you have reduced supply and markets that are close together, they are all reacting in a hurry right now because the pressure on um you know, supply is is so intense.

[00:01:08]Refineries are also struggling to get the necessary oil supply needed to optimize refined products. Even if the conflict in the Middle East is soon resolved, it will be some time before consumers see a return to prices of a few months ago. When it was thought that this might be a temporary phenomenon, I think a lot of businesses ate it uh rather than pass it on to their customers. As some have already adjusted their attitudes with the rise in prices.

[00:01:31]I can't control it. It's the way it is.

[00:01:33]If it costs eight or ten dollars more, if you have to make changes somewhere else, you make changes somewhere else.

[00:01:39]And Tyler joins us now. Tyler, we know Ottawa introduced a temporary gas tax break last week saving drivers ten cents a liter. Is there any update on the province's fuel tax relief program?

[00:01:51]Tara, help from the province is something we won't see for at least two months. And we will only see it if West Texas Intermediate Oil is above ninety US dollars a barrel for the review period running from May eighteenth to June fifteenth. That would activate the fuel tax relief program saving Albertans nine cents a liter, which would be helpful as the gas expert I spoke with says there's a good chance we start to see two dollar two dollar a liter gas in the near future. Tara? Yikes. Okay, Tyler, thank you.