Montreal Gasoline Prices Skyrocket to Highest Levels Since 2024
The price of gasoline in Montreal has experienced a dramatic spike, reaching an average of 168.5 cents per litre on Saturday, March 7, 2026. This marks the highest average price recorded since the summer of 2024, according to data from the price tracking service GasBuddy.
Sharp Weekly Increase and Regional Variations
This new average represents a significant jump of 20 cents from the previous week's average of $1.48 per litre, equating to an increase of approximately 13 percent. Some gas stations within the city have reported even higher prices, with user-reported data from the crowd-sourced monitoring site Essence Montréal indicating that certain locations have surged above $1.70 per litre, and one station even topped $1.75.
However, savvy drivers searching for more affordable fuel can still find lower prices in parts of Quebec. For instance, one user reported gasoline priced at $1.45 per litre at an Esso station in Laval on Saturday. Generally, prices across Quebec were lower outside of the Montreal area.
Global Oil Market Turmoil Drives Price Hikes
The primary driver behind this rapid price escalation is the ongoing turmoil in global oil markets, following the outbreak of war in Iran and the wider Persian Gulf region. This area accounts for roughly one-fifth of the world's oil supply, making any disruption highly impactful.
The U.S. crude benchmark, West Texas Intermediate, surged more than 35 percent over the past week, settling at just over $90 a barrel on Friday. Oil prices remain the largest factor influencing what motorists pay at the pump, typically accounting for about 60 percent of the retail cost of gasoline.
Historical Context and National Comparisons
The last time gasoline prices rose this quickly was in early 2022, following Russia's attempted invasion of Ukraine. In the months after that event, Canadian gas prices surpassed $2 per litre, highlighting the sensitivity of fuel costs to geopolitical conflicts.
Nationally, the average price across Canada stood at about $1.53 per litre on Saturday afternoon, according to GasBuddy. British Columbia had the highest provincial average, exceeding $1.71 per litre, while several provinces in central Canada remained below Montreal's levels.
Future Outlook and Analyst Predictions
If disruptions to oil shipments from the Persian Gulf persist, analysts warn that prices may continue to rise further. This situation underscores the interconnectedness of global events and local economic conditions, affecting everyday consumers directly at the fuel pump.
