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Food prices could increase 30% due to rising diesel costs, analyst warns

An analyst with the petroleum industry is warning that the prices for food could increase by as much as 30% in Canada because of the rising costs of diesel.

As many have undoubtedly noticed, there has been a rapid rise in gas prices over the past couple of weeks, due to Russia’s recent invasion of Ukraine. Prices in some jurisdictions jumped by 7 cents a liter overnight.

The Post Millennial explains:

On Wednesday, Canadians for Affordable Energy President Dan McTeague spoke with CP24, warning of the consequences ordinary Canadians may face as a result of rising diesel prices.

“The reality,” he said, “is that with diesel moving much higher than gasoline, we’re not only looking at higher fuel prices, but pretty much the cost of everything.”

According to the Toronto Sun, since the invasion of Ukraine, oil has risen from US$92 per barrel to $109, with no slow down in sight.

“I am not an agro-economist,” McTeague continued, “but I can tell you in my discussions with many, which is part of my work here, we’re looking at a 30 to 35 per cent increase in food prices as a result of these increases in diesel and we haven’t even started the planting season yet.”

READ: Analyst warns rising diesel prices amidst could inflate cost of food by 30 percent

Trudeau’s Carbon Tax on diesel

In Canada, these higher diesel prices are being compounded by Prime Minister Justin Trudeau’s obsession with carbon taxes that he has put on such essential things as natural gas, fuel, and diesel.

Apparently, Canada’s Prime Minister either wants solar-powered semi-trailer trucks or he just enjoys punishing Canadians with higher food prices because there is no other way to transport food to consumers.

Trudeau instituted a 5.37 cents per liter carbon tax on diesel in 2019 that is scheduled to rise to 13.41 cents a liter this year.

And unless he is booted out of office, Trudeau has scheduled yearly increases of carbon taxes until 2030.

READ: Canada Hikes Price of Diesel Fuel With New Carbon Tax AND Trudeau’s Carbon Tax: Up to 350 Per Cent Higher at the Pump by 2030: See the Impact of Higher Carbon Taxes on Gasoline Prices

Meanwhile, in the US

And if it’s happening in Canada, expect the US to follow suit. RELATED: Buttigieg on Keystone Pipeline amid Ukraine Invasion: We Don’t Want ‘Permanent Solutions’ to Short Term Problems

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