Gas prices spike in Winnipeg amid market volatility

Winnipeggers felt major pain at the pump on Thursday morning, as gas prices shot up more than 20 cents to just shy of $1.89 per litre.

Prices haven’t been this high in Winnipeg since the summer of 2022, when they went over $2 per litre. And that’s a milestone experts say we could hit again soon.

Oil demand is vastly outstripping supply due to the war in Iran and blockades in the Straight of Hormuz. Dan McTeague from Canadians for Affordable Energy says the market is in an “upward spiral” likely to last a long time.

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“We could see these prices remain this high, this elevated, not just a matter of days or weeks, even if there is a peace agreement, but for much of 2026,” says McTeague.

For those who purchase a lot of gas, such as truckers, the cost has a major impact on their bottom line.

“For those carriers that are under contract, they just have to absorb the costs and they just have to ride through this volatility,” says Susan Green, communications manager for the Manitoba Trucking Association. “But for other carriers who are not on a contract, then they will have opportunity to pass those increased fuel costs along to the customer.”

Farmers, too, will have to look closely at their margins this year, with Keystone Agricultural Producers saying members are expecting to spend 50 per cent more on fuel than they did last year.

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