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When one gas station is charging more than another one in a different neighbourhood, it might be tempting to think the more expensive retailer is trying to take you for a ride.
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Profits might be part of the equation, but it may not tell the whole story, especially now with the war in Iran driving up the price of oil and what retailers are charging at the pump.
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On the surface, it looks like the same product sold in the same city should cost roughly the same. In reality, pump prices are shaped by a mix of factors that do not always move in sync.
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Oil prices have been highly volatile since the United States and Israel launched attacks against Iran in late February, as markets try to assess how long supplies of Middle Eastern oil will be choked off by the fighting.
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This uncertainty trickles down to what Canadians pay at the pump, which is also influenced by things like local competition and the dominance of major chains.
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In this video, we explain how all of these various factors can result in very different prices at gas stations that may be just blocks apart.
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