August 2023 Canadian Petroleum Price Snapshot

Gasoline

August retail gasoline prices fell 1.0 cpl to 172.2

Retail gasoline prices in Canada reached their highest level this year in mid-August at 176.7 cents per litre, 26.3 cents per litre higher than at the start of the year. Yet overall, the average Canadian retail unleaded price ended the month 1.0 cents per litre lower than the end of July, with significant regional variations.

In Kelowna, BC, prices fell the most in Canada in August, at 5.4 cents per litre, while in contrast, in Thunder Bay, ON, prices increased 16.0 cents per litre over the month. All regions of the country experienced a decline in wholesale gasoline prices, with the most significant drop occurring along the West Coast of Canada, where wholesale gasoline prices fell over ten cents per litre, allowing retail prices in Vancouver, BC, to fall 2.2 cents per litre over the month. Despite the decline, gasoline prices in the city were the most expensive in the country in August.

Diesel

August retail diesel prices rose 19.3 cpl to 190.6

Retail diesel prices climbed in Canada this past month, ending August 19.3 cents per litre higher than at the end of July. All provinces experienced an increase in retail diesel prices in August, with the largest rise occurring in Newfoundland, up 24.8 cents per litre. According to the U.S. Energy Information Administration’s weekly petroleum report, distillate inventories in the U.S. fell 0.6 percent in August from July and were 17.8 percent lower in August compared to the previous ten-year average. Suppliers typically build inventories near the summer’s end in anticipation of the fall harvest and the winter heating seasons. Along the East Coast, where distillates are frequently used for home heating, inventories were 40.4% below the previous ten-year average for August. In August, lower seasonal inventories were the main factor in rising retail diesel prices in Canada.

We conduct a daily survey of retail gasoline, diesel, propane, and furnace fuel prices in 77 Canadian cities.

Petroleum prices are available for download and display using a variety of analytic tools on our website: https://charting.kalibrate.com/