4 days ago
Gas prices: Slipping oil prices fuel summer savings at Canadian pumps
Canada's gas price average fell 2.7 cents per litre over the past week, according to data from Kalibrate. The move lower is largely thanks to falling crude prices in response to fears of an oversupplied market.
The biggest discount this week was in Calgary, where the price of a litre of regular gasoline dropped 10.6 cents between August 7 and August 15.
At this time last year, Canada's gas price average was $1.678 per litre, compared to $1.452 as of Thursday.
"As it stands today, there is a glut of crude oil on the market that is keeping prices down," En-Pro International chief petroleum analyst Roger McKnight wrote in a blog post on Thursday.
Earlier this week, a report from the International Energy Agency found global supply could outpace demand by a record 2.96 million barrels per day in 2026, surpassing the buildup during the pandemic lockdown in 2020. At the same time, data from the U.S. Energy Information Administration released on Wednesday showed American stockpiles are at the highest level in two months.
Benchmark oil prices drifted lower on Friday as investors await news from U.S. President Donald Trump's summit in Alaska with Russia's Vladimir Putin. Progress towards a deal to end Russia's war in Ukraine would help de-risk the global oil market and support prices. Trump recently increased U.S. tariffs on Indian goods in response to the country's purchases of Russian oil. So far, he has avoided targeting China over its Russian oil purchases.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location
August 7
August 14
Price Change
Canada Average (V)
145.2
142.5
-2.7
WHITEHORSE
161.9
161.9
0
VANCOUVER*
171.1
168
-3.1
VICTORIA
166.3
171.9
5.6
PRINCE GEORGE
145.6
145.6
0
KAMLOOPS
152.3
150
-2.3
KELOWNA
149
146.3
-2.7
FORT ST. JOHN
149.2
143.4
-5.8
ABBOTSFORD
160.9
157.8
-3.1
YELLOWKNIFE
144.7
146.2
1.5
CALGARY*
137.9
127.3
-10.6
RED DEER
131.8
126.7
-5.1
EDMONTON
133.3
127.9
-5.4
LETHBRIDGE
131
130.7
-0.3
LLOYDMINSTER
130
128.9
-1.1
GRANDE PRAIRIE
131.7
129.1
-2.6
REGINA*
138.4
137.3
-1.1
SASKATOON
129.9
126.9
-3
PRINCE ALBERT
136.2
130.2
-6
MOOSE JAW
137.8
139.9
2.1
WINNIPEG *
137
135.2
-1.8
BRANDON
127.6
126.9
-0.7
CITY OF TORONTO*
135
134.5
-0.5
BRAMPTON
134.5
134.2
-0.3
ETOBICOKE
133.7
133.8
0.1
MISSISSAUGA
132.4
133.1
0.7
NORTH YORK
135.1
134.7
-0.4
SCARBOROUGH
134.1
133.9
-0.2
VAUGHAN/MARKHAM
134.1
134.5
0.4
OTTAWA
134.8
133.3
-1.5
KINGSTON
125.3
125.2
-0.1
PETERBOROUGH
126.9
121.2
-5.7
WINDSOR
131.8
132.3
0.5
LONDON
133.6
134.6
1
SUDBURY
134.2
128.6
-5.6
SAULT STE MARIE
127.6
127.6
0
THUNDER BAY
139.4
133.8
-5.6
NORTH BAY
138.3
133.1
-5.2
TIMMINS
138.6
138.1
-0.5
HAMILTON
131.3
132
0.7
ST. CATHARINES
131.4
130.8
-0.6
BARRIE
135.5
133.6
-1.9
BRANTFORD
134.1
131.4
-2.7
GUELPH
134.8
133.1
-1.7
KITCHENER
132.2
133.3
1.1
OSHAWA
130.3
133.4
3.1
SARNIA
131.2
126.9
-4.3
MONTRÉAL*
158.1
155.5
-2.6
QUÉBEC
151.6
152.8
1.2
SHERBROOKE
149.5
151.3
1.8
GASPÉ
157.7
157.7
0
CHICOUTIMI
140.4
138.6
-1.8
RIMOUSKI
151.4
150.1
-1.3
TROIS RIVIÈRES
154.4
154.3
-0.1
DRUMMONDVILLE
147.8
145.2
-2.6
VAL D'OR
156.7
156.6
-0.1
GATINEAU
142.9
139.1
-3.8
SAINT JOHN*
143
143.6
0.6
FREDERICTON
143.5
144.1
0.6
MONCTON
143.2
143.6
0.4
BATHURST
143.4
143.8
0.4
EDMUNDSTON
142.6
143
0.4
MIRAMICHI
144.9
145.8
0.9
CAMPBELLTON
144.9
145.5
0.6
SUSSEX
143.5
143.7
0.2
WOODSTOCK
144.8
145.4
0.6
HALIFAX*
145.7
146.7
1
SYDNEY
147.6
148.6
1
YARMOUTH
146.7
147.7
1
TRURO
146.8
147.8
1
KENTVILLE
146.3
147.3
1
NEW GLASGOW
146.8
147.8
1
CHARLOTTETOWN*
151.3
150.2
-1.1
ST JOHNS*
151.6
152.2
0.6
GANDER
155.3
155.9
0.6
LABRADOR CITY
158.7
159.4
0.7
CORNER BROOK
152.6
153.3
0.7
GRAND FALLS
155.3
156
0.7
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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