Gas prices down slightly from record highs earlier this week

Gas prices down slightly

Gasoline prices in Canada have declined slightly just before the start of the May long weekend.

Fuel price tracking service GasBuddy.com says the average retail price at the pump across Canada Friday morning was $1.99 per litre.

It marks the first time the Canadian average gas price has dropped back below $2 since first hitting that all-time record milestone on Tuesday of this week.

Gasoline prices have been elevated since late February when oil spiked to around US$100 a barrel after Russia invaded Ukraine.

The benchmark West Texas Intermediate crude price is hovering over US$112 a barrel on Friday morning.

GasBuddy says it expects gas prices in Canada could continue to rise in the coming weeks. Summer demand has the potential to send prices even higher, putting pressure on already unstable markets.

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