With diesel prices taking another jump in the Halifax, the Canadian Federation of Independent Business (CFIB) says it’s becoming more concerned about future tough choices for small businesses.
The organization says small businesses in Halifax and across the country are continuing to see world events affecting their bottom lines.
“A lot of businesses need to buy things in order to sell things, and those will go up as well,” said Louis-Phillipe Gauthier, Atlantic Vice President for the CFIB. “The reality of fuel prices is hitting optimism, be it in Nova Scotia or any province across the country.”
Gauthier says businesses are being forced to make tough decisions amid the turmoil.
“If you’re about to hire somebody, are you more concerned right now? Are you reconsidering certain things,” Gauthier offered. “The unfortunate reality over the last 12 months is, with all these external factors affecting businesses owners, that are largely out of their control, it forces you to say, where do I put my next dollar? What do I do with it?”
After another increase on Saturday morning, diesel prices in the Halifax area reached a minimum of 240.3 per litre. Gasoline prices have increased of late as well, sitting at 174.4 per litre as of Monday.
Could gas reach $2.00 a litre?
“From then on, all bets are off,” Roger McKnight, chief petroleum analyst with En-Pro told CityNews. “The prospect of $2.00 per litre is a distinct probability, not a mere possibility.”
In some parts of Canada, such as British Columbia, gas prices have already exceeded $2.00 per litre.
“There is nothing to stop it unless there is an end to this war and that doesn’t look like [that’s] happening anytime soon,” McKnight added.
The United States and Iran threatened to target critical infrastructure Sunday as the war in the Middle East, now in its fourth week, puts lives and livelihoods at risk throughout the region.
Iran said the Strait of Hormuz, crucial to oil and other exports, would be “completely closed” immediately if the U.S. follows up on President Donald Trump’s threat to attack its power plants.
With files from CityNews’ Denio Lourenco