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Gas, oil prices hit record highs

15.05.2008 00:01 Shopping - Source: cbc.ca

It was only a matter of time. After days of record oil prices, gasoline prices in Canada have also hit record highs, according to a weekly survey of pump prices.

The average price of a litre of regular gas is $1.29 in the most recent price survey released Tuesday by Calgary-based MJ Ervin & Associates.

That's a gain of 3.9 cents a litre from last week's survey and eclipses the previous high mark of $1.26 a litre recorded in MJ Ervin's Sept. 6, 2005, survey following Hurricane Katrina.

Another price survey had similar results. The national average for a litre of regular gas in Canada was $1.2854 a litre on Tuesday, according to Gasbuddy.com — a website that monitors North American pump prices.

In the United States, the average price of a U.S. gallon of regular gas rose 1.4 cents overnight to a record $3.732 US.

Oil prices have been heading ever further into record territory recently on supply concerns and they were in that territory again on Tuesday.

The price of the June futures contract hit a new peak of $126.98 US a barrel in trading on the New York Mercantile Exchange before pulling back to settle at $125.80 US, up $1.57 from Monday's close.

Market watchers said the market surged in reaction to rumours that Iran might cut its oil output.

Iran denied it had any plans to cut back on oil output, but an official said production cuts had been discussed.

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