BUSINESS

Canada Gas Prices: NEB Predicts Same Costs At The Pump This Summer As Last

05/17/2012 04:39 EDT | Updated 05/18/2012 05:49 EDT
CP

CALGARY -- Canada's National Energy Board says motorists will likely pay similar prices for gasoline this summer compared with last year.

The NEB is forecasting gasoline will average between $1.20 and $1.35 per litre at the pump, assuming a benchmark price of US$100 per barrel of crude oil.

According to Gasbuddy.com, the Canadian price for gasoline is currently about $1.27 per litre _ about three cents per litre lower than it was a year ago.

PHOTOS: THE HIGHEST GAS PRICES IN CANADA

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The West Texas Intermediate crude used in the board's estimate has recently fallen below US$93 per barrel in recent trading.

However, the price that North American consumers pay for gasoline is influenced by higher-priced Brent crude -- an international benchmark.

The energy board says it expects North American crude prices will continue to sell at a discount due to an oversupply caused by a pipeline bottleneck in Oklahoma.

With a majority of Canadians heading into the first long weekend of the season, HuffPost has compiled a list of the highest gas prices in Canada this week. All numbers are from TomorrowsGasPriceToday, as listed on May 17, 2012.

THE HIGHEST GAS PRICES IN CANADA

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Most Expensive Gas Prices In Canada - May 2012

9. Toronto, GTA and Cottage Country - 128.2

TomorrowsGasPriceToday cites 128.2 as the average price of a litre of gas throughout the GTA, surrounding towns in southern Ontario and cottage country north of Ontario. Only a few towns surveyed in the area did not list this price.

8. Parry Sound, Ont. - 128.9 [tie]

7. Gravenhurst, Ont. - 128.9 [tie]

6. Sudbury, Ont. - 129.9

5. Montreal, Que. - 133.4

4. Thunder Bay, Ont. - 137.9

3. Timmins, Ont. - 138.6

2. Sault Ste. Marie, Ont. - 140.7

1. Vancouver, B.C. - 142.8