No fuel price changes anticipated despite Middle East war, minister says
George Hickes provides update on Petroleum Products Division as conflict continues around Iran
Shannon Chartre pumps gas in Iqaluit on Tuesday. Despite the war in Iran causing gas prices to spike across Canada, Nunavut Transportation Minister George Hickes says he doesn’t anticipate similar jumps because the territory secured its fuel supply in December, before the recent surge in global oil prices. (Photo by Daron Letts)
As the United States and Israel’s war with Iran continues to trigger instability on the global oil market, Nunavummiut should expect stability at the gas pumps, says Transportation and Infrastructure Minister George Hickes.
Transportation and Infrastructure Minister George Hickes says Nunavut consumers can expect fuel price stability as conflict in the Middle East casts instability over the global oil and gas markets. (File photo by Jeff Pelletier)
“Currently, no fuel price changes are anticipated,” Hickes said Tuesday in the legislative assembly, providing an update on his department’s petroleum products division.
“The division will continue to monitor market conditions closely, with pricing recommendations typically brought forward in the fall.”
The war began Feb. 28 when the United States and Israel attacked Iran.
In the past week, much of the focus has been on the security of the Strait of Hormuz — a crucial waterway located between the Persian Gulf and the Gulf of Oman — through which an estimated 20 per cent of the world’s oil supply traverses.
This disruption is causing fluctuations and instability in global oil supplies and prices.
“Movements of this scale can translate into tens of millions of dollars in additional cost pressure for Nunavut’s annual fuel resupply,” Hickes said.
However, Nunavut purchases its fuel ahead of the resupply seasons.
“Through this approach, one-third of Nunavut’s projected fuel requirements for the 2026 resupply were secured in December 2025,” Hickes said.
“Because this volume was secured before recent price increases, it significantly reduces Nunavut’s exposure to current market pressures.”
Hickes said Nunavut’s “base retail fuel prices” have not changed since January 2024.
There should be no fuel increases in Nunavut, they were bough and paid for petroleum products last summer. Unless few crooked contractors should increase their prices by shear greed. Unfortunately, I know such a greedy contractor in Kivalliq.
In other news, Canadian North and Cargojet pick up fuel in places like Ottawa, Winnipeg and Yellowknife daily. The prices for this fuel has spiked and will be passed on in higher cargo rates, fares etc in the near term despite what the GN bought.
That’s literally what minister hickes said, our prices remain stable for the most part because fuel was purchased before the upcoming resupply season