May 2024. Kalibrate's Canadian Petroleum Price Snapshot

Gasoline

May retail gasoline prices fell 9.8 cpl to 167.5

After reaching this year’s highest price in mid-April, Canadian retail gasoline prices have steadily declined, falling throughout May.

Some of the decrease can be attributed to declining crude oil prices, which fell through May as geopolitical concerns abroad eased and economic concerns increased. However, ample gasoline supplies are the main reason pump prices declined in May, as rising North American refinery utilization this past month and subdued gasoline demand allowed gasoline inventory levels to increase.

Retail gasoline prices generally declined in most parts of the country this past month, with the most significant decrease occurring in Abbotsford, British Columbia, where prices fell 31.1 cents per litre to 173.7 by the month’s end. Overall, retail gasoline prices ended May the lowest in Winnipeg, Manitoba, at 139.7 cents per litre, and ended the month the most expensive in Victoria, British Columbia, at 196.5 cents per litre.

Diesel

May retail diesel prices fell 3.4 cpl to 167.8

Canadian retail diesel prices also declined in May, mainly attributable to declining crude oil prices and lower seasonal demand.

Cyclical diesel price fluctuations are closely tied to home heating fuel demand as the products have similar specifications. As the home heating fuel season has ended, diesel fuel stocks have risen, leading to declining prices, notably in eastern Canada, where home heating fuel is more prominently used.

In Atlantic Canada, retail diesel prices declined on average 7.9 cents per litre, compared to the Canadian average, which saw prices decline 3.4 cents per litre. In May, retail diesel prices fell the most in Labrador City, Newfoundland, falling 16.0 cents per litre over the month. Despite this significant decline, retail diesel prices in Canada ended May the highest in Labrador City, Newfoundland, at 197.5 cents per litre. Meanwhile, retail diesel prices ended May the lowest in Brandon, Manitoba, at 154.7 cents per litre.

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

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