#gasoline

#gasoline

Canada's annual inflation rate rose to 2.8 per cent in April, Statistics Canada said on Tuesday, due to high energy prices especially gasoline. The rise comes after high energy prices drove the inflation rate to 2.4 per cent in March.

The price of oil has risen steadily since the war began at the end of February, with crude oil prices surging past $110 per barrel this week. Fuel prices have risen in part because Iran controls access to the strait of Hormuz, a narrow passageway between the Persian Gulf and the Gulf of Oman where about 20% of the world's oil travels through.