Why are gas prices rising today in Canada?

Global crude is higher, with Brent crude price near $90 as Iran conflict oil risks add a premium. That lifts refinery and transport costs. Stations then adjust posted prices, often within days. FX and taxes amplify the move, so Canadian pump prices can climb even if local supply looks stable.

How does Brent crude price affect what I pay at the pump?

Brent sets the baseline for many refined fuels. When Brent rises, wholesale prices for gasoline increase, and retailers pass that along. Exchange rates and taxes then add to the final price. Watching Brent day-to-day helps you predict near-term pump moves and decide when to fill.

Is the costco gas price always the cheapest option?

Often it is competitive because of high volume and a lean margin, but not always. Nearby independents sometimes match or beat it during promotions. Check the station board and a price app before you commit. Factor in wait times and driving detours, since long lines or extra distance can erase savings.

When could gas prices ease again?

Prices could ease if geopolitical risks fade, Brent retreats, or the Canadian dollar strengthens against the U.S. dollar. Refinery supply improving after maintenance also helps. There is no set timeline, so keep comparing stations, including costco gas price, and fill when you spot a dip in local postings.

Global Market Insights

Gas Prices Today March 07: Brent Near $90 as Iran War Lifts Pump Costs

ByHuzaifa Zahoor March 7, 2026March 7, 2026

Costco gas price is top of mind for Canadian drivers on March 07 as Brent crude sits near $89.92 a barrel and geopolitics keep oil tight. AAA gas prices in the U.S. show an average of $3.32 per gallon, a clear signal that wholesale gains are reaching pumps. For Canada, where fuel is sold per litre in CAD, global moves still set the base. We explain why prices are rising, what it means for budgets, and where costco gas price fits in.