It seems like just overnight the prices have jumped around 10 cents to about 163.9 at most Airdrie gas stations. 

Patrick De Haan, Head of Petroleum Analysis at GasBuddy, says when it all comes down to it, oil prices are going up. 

“We've seen the price of oil moving up consistently over the last few days as the EU openly indicates that it is going to sanction Russia's oil.” 

De Haan also says transitioning to cleaner, more expensive summer gasoline ahead of the summer driving season also played a part in raising the price. 

“With the decline in gasoline inventories, things are getting a little bit tight. You may have noticed the price of diesel sits close to $2 a litre in many areas across Canada. Products are getting extremely tight ahead of the summer. It doesn't look like we're going to see any relief anytime soon.” 

Going into the summer months, De Haan says the prices could keep on fluctuating. 

“The only thing consistent about gas prices is that they move, whether that be up or down. I do think that gasoline and diesel prices will likely continue to face additional upward pressure in the weeks ahead.” 

De Haan says, as much as nobody wants to hear it, there could be another 10 to 30 cent per litre increase. 

“When you have things so unpredictable with the Russia war in Ukraine, things like COVID and China, and economic growth, there could certainly be some potential slowdown. But if things do not slow down and inventories of refined products continue to decline, we will continue to see more pain.” 

De Haan says prices of crude oil sits at approximately $108 per barrel. 

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