(Montreal) The Federal Government has asked the Competition Bureau to monitor the fuel market to ensure that there is no conspiracy in determining the price of petrol as the war in Ukraine continues to raise oil prices.
Released at 12:29 p.m.
Updated at 12:48 p.m.
Innovation, Science and Industry Minister Franசois-Philippe Champagne said on Monday that the government expects fuel prices to rise in the wake of the Russian occupation of Ukraine, which began on February 24.
“I took the competition bureau to put the teams together to make sure there was no discipline and no unfair practices,” he said. – He said at a press conference to announce the construction of a GM plant. Begancore manufactures parts for electric vehicle batteries.
Photo by Catherine Lefebvre, The Press
Francois-Philippe Champagne
The comments come as petrol prices have risen across the country in the wake of the Ukraine invasion. At some Montreal gas stations this weekend the price of the pump exceeded the psychological limit of $ 2.
In Montreal, the average price of a pump is $ 1.94 per liter, according to data from CAA-Quebec. The company estimates that the price of the pump should be $ 1.85, depending on market conditions. In Quebec, the average price is $ 1.84 per liter, which is equivalent to the “realistic” price under market conditions, again according to CAA-Quebec.
Quebec Energy and Natural Resources Minister Jonathan Julian told a news conference that rising fuel prices were part of a broader environment for oil supply and demand in world markets. “Clearly, what is happening in Ukraine is that supply is slightly damaged and prices are impacted.”
In the morning, the price of a barrel of oil rose 2 or 1.71% to 117.84 US dollars, according to the West Texas Intermediate Index in New York. This is 58% higher than the US $ 74.45 price on December 31, 2021.
Minister Julian assures that Quebecs will not have to worry about oil supplies, as all fossil fuels consumed in Quebec will come from Canada and the United States from 2019 onwards. “No distribution issues.”
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