3 days ago
Gas price expert says 'enjoy the summer timeout while you can afford to'
Gas prices drifted lower this week on average at pump stations across Canada. According to data from Kalibrate, the national average price fell 1.6 cents per litre of regular fuel to $1.452.
At this time last year, this price was $1.663.
Roger McKnight, chief petroleum analyst at Oshawa, Ont.-based En-Pro International, says drivers ought to take advantage of the unusual price action at peak driving season.
"Enjoy the summer timeout, while you can afford to," he wrote in a blog post on Thursday.
He says the discount is due in part to commodity traders turning their attention from gasoline to diesel.
"The focus now is on the astonishingly high refining profit margins being earned on diesel that currently sits at US$20/barrel. These high margins are a result of record exports at the expense of lower U.S. domestic inventories," McKnight wrote.
"The good news for refiners is that OPEC+ will increase production again in September, which will lower their crude costs and increase their profit margins. That's not such good news for the consumer as U.S. distillate inventories will remain well below the five-year average as we enter the fall and winter seasons. When this happens, diesel prices will spike and drag up gasoline pump prices as well."
This week, the biggest price drop in Canada was in Mississauga, Ont., at 6.6 cents per litre. The largest price gain was in Chicoutimi, Que., at 6.6 cents per litre.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location
July 31
August 7
Price Change
Canada Average (V)
146.8
145.2
-1.6
WHITEHORSE
161.9
161.9
0
VANCOUVER*
170.9
171.1
0.2
VICTORIA
164.9
166.3
1.4
PRINCE GEORGE
145.6
145.6
0
KAMLOOPS
151.5
152.3
0.8
KELOWNA
152.7
149
-3.7
FORT ST. JOHN
151.2
149.2
-2
ABBOTSFORD
162.9
160.9
-2
YELLOWKNIFE
144.7
144.7
0
CALGARY*
134.3
137.9
3.6
RED DEER
131.8
131.8
0
EDMONTON
128.5
133.3
4.8
LETHBRIDGE
131.4
131
-0.4
LLOYDMINSTER
131.6
130
-1.6
GRANDE PRAIRIE
129.5
131.7
2.2
REGINA*
138.4
138.4
0
SASKATOON
134.7
129.9
-4.8
PRINCE ALBERT
137.8
136.2
-1.6
MOOSE JAW
134.6
137.8
3.2
WINNIPEG *
136.1
137
0.9
BRANDON
133.9
127.6
-6.3
CITY OF TORONTO*
139.7
135
-4.7
BRAMPTON
139.6
134.5
-5.1
ETOBICOKE
138.7
133.7
-5
MISSISSAUGA
139
132.4
-6.6
NORTH YORK
139.1
135.1
-4
SCARBOROUGH
139.2
134.1
-5.1
VAUGHAN/MARKHAM
139.6
134.1
-5.5
OTTAWA
138.7
134.8
-3.9
KINGSTON
125.6
125.3
-0.3
PETERBOROUGH
127.7
126.9
-0.8
WINDSOR
138.1
131.8
-6.3
LONDON
139.9
133.6
-6.3
SUDBURY
130.2
134.2
4
SAULT STE MARIE
127.6
127.6
0
THUNDER BAY
142.9
139.4
-3.5
NORTH BAY
131.6
138.3
6.7
TIMMINS
138.6
138.6
0
HAMILTON
136.7
131.3
-5.4
ST. CATHARINES
135.8
131.4
-4.4
BARRIE
138.7
135.5
-3.2
BRANTFORD
137.6
134.1
-3.5
GUELPH
138.2
134.8
-3.4
KITCHENER
137.2
132.2
-5
OSHAWA
138.3
130.3
-8
SARNIA
124.9
131.2
6.3
MONTRÉAL*
160.3
158.1
-2.2
QUÉBEC
149.3
151.6
2.3
SHERBROOKE
149.5
149.5
0
GASPÉ
157.7
157.7
0
CHICOUTIMI
133.8
140.4
6.6
RIMOUSKI
151.4
151.4
0
TROIS RIVIÈRES
154.4
154.4
0
DRUMMONDVILLE
147.1
147.8
0.7
VAL D'OR
156.7
156.7
0
GATINEAU
135.5
142.9
7.4
SAINT JOHN*
141.1
143
1.9
FREDERICTON
141.5
143.5
2
MONCTON
141.7
143.2
1.5
BATHURST
141.8
143.4
1.6
EDMUNDSTON
140.8
142.6
1.8
MIRAMICHI
142.6
144.9
2.3
CAMPBELLTON
142.9
144.9
2
SUSSEX
141.4
143.5
2.1
WOODSTOCK
142.9
144.8
1.9
HALIFAX*
142.9
145.7
2.8
SYDNEY
144.8
147.6
2.8
YARMOUTH
143.9
146.7
2.8
TRURO
144
146.8
2.8
KENTVILLE
143.5
146.3
2.8
NEW GLASGOW
144
146.8
2.8
CHARLOTTETOWN*
147.9
151.3
3.4
ST JOHNS*
149.7
151.6
1.9
GANDER
153.5
155.3
1.8
LABRADOR CITY
156.9
158.7
1.8
CORNER BROOK
150.8
152.6
1.8
GRAND FALLS
153.5
155.3
1.8
SOURCE: KALIBRATE • All figures in CAD cents
(*) Denotes markets used in Volume Weighted Canada Average
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist.
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