Canada’s carbon pricing is going up again. What it means for your wallet
carbon price is set to go up starting Saturday.The fuel charge is rising by 30 per cent from $50 per tonne of emissions to $65 on April 1.
This will translate to an increase of roughly three cents per litre for gas, reaching a total of 14 cents per litre.The scheduled increase will apply in Ontario, Manitoba, Saskatchewan, Alberta, Yukon and Nunavut.Meanwhile, the carbon price jump will go into effect in Newfoundland and Labrador, Nova Scotia, and Prince Edward Island on July 1.
Read more: Canadians will see high oil, gas prices through 2023, experts say: ‘A very expensive time’ Canada began pricing carbon pollution in 2019.The move is part of Ottawa’s commitment to tackle climate change with a goal to reach net-zero carbon emissions by 2050.While Canadians will see an increase at the pumps, the carbon price increase is not expected to have a huge impact on their gas expenses, said Hadrian Mertins-Kirkwood, a senior researcher with the Canadian Centre for Policy Alternatives.“It’s an incremental increase, but it’s not actually going to be a huge change year-over-year that people will notice ,” he told Global News.For individuals, it could mean a $1 jump per tank depending on how big the vehicle is, Mertins-Kirkwood estimated.
For businesses too, it’s “not a major expense,” he said.Mertins-Kirkwood said things like oil market fluctuations and gas taxes have a much bigger impact on energy costs.“Those swings are way bigger than the carbon price.”The carbon price increase comes amid some temporary relief for Canadians with lower gas prices reported in February after record-high costs last year.
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