Global Gas and Oil Price Hikes Hit Home: Majority of Canadians say rising costs are squeezing household finances

April 1, 2026 – Toronto, Ontario – A new CityNews/Canada Pulse Insights survey finds that
91% of Canadians say rising gas and oil prices are hitting their personal or household finances,
with almost one third reporting a major impact and many younger, lower income and middle-aged
Canadians now struggling to make ends meet.

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With Iran sharply restricting shipping through the Strait of Hormuz—a route that normally carries
about one fifth of the world’s oil and gas—gasoline prices in Canada have climbed by an
estimated $0.20 to $0.40 per litre, erasing much of the recent relief at the pump. The vast
majority of Canadians (91%) say these higher gas and oil prices are affecting their personal or
household finances, including 69% who report being impacted a great deal or a moderate
amount.

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When the results are weighted to be representative of the entire Canadian population, three in
ten (30%) describe the impact as major, with 11% saying they are struggling to make ends meet
and 19% saying the price shock is forcing changes in their work or lifestyle decisions. The hit is
felt most strongly in the Prairies, Alberta, Ontario and Québec, and among younger adults,
women, and lower‑income households. The remaining 61% say the impact is noticeable but
manageable—they are managing within their current budgets (24%) or adjusting their spending
and habits (37%). Overall, just 9% say they are unaffected.

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Canadians who feel the squeeze point first to the cost of fuel for their personal vehicles (74%),
followed by travel (airfare or long-distance travel 30%), home heating (26%), commuting (18%),
and business- or work-related costs (12%), underscoring how rising oil prices are rippling
through everyday life.