Gas prices highest in a year in Kitchener-Waterloo area

Gas prices have hit a new recent high level, hovering around $1.33/L for regular gas around Waterloo Region.

The cost at the pump around Waterloo region is higher than the most recent peak set around Labour Day last year.

Rising gasoline prices helped fuel the recent rise in inflation, Statistics Canada reported.Gasoline prices were 17.1 per cent higher in March than they were a year earlier.

• 5 reasons why gas prices are surging in Canada

Dan McTeague,senior analyst with the website GasBuddy.com, says gas prices are made up of different components,for example, 39 to 40 cents per litre is taxes.

In Ontario, cap-and-trade adds 4.6 cents a litre.

Then, he says gas station owners usually add another 10 cents per litre to cover their overhead.

The factor that drives costs up or down the most is the value of the Canadian dollar, he says, and it's one most people overlook. Oil is traded globally in U.S. dollars, he explains, and a few years ago when prices were high so was the Canadian dollar.

McTeague says if were were buying gasoline today with the loonie on par with the U.S. we'd be saving 14 or 15 cents per litre.

Crowdsource the bargains

You can share the price of gas in your neighbourhood and compare with other locations using this feature provided by GasBuddy.com.

It depends on internet users to input gas prices on a daily basis to keep the database of prices up to date. Prices may vary depending on membership programs and at the pump discounts. CBC is not verifying the accuracy of the gas prices shared here.

CBC does not endorse and is not responsible for the content.