Gasoline:
Retail gasoline prices increased 7.3 cents per litre to 135.4 in January
In January, gasoline prices in Canada rose 7.3 cents per litre, ending the month at 135.4 cents per litre, as crude oil prices were pressured higher by several factors. Tensions between the U.S. and Iran were a major factor contributing to rising crude oil prices in January, as the risk to crude oil supplies posed by a potential conflict increased. Crude oil supply disruptions in Kazakhstan, home of one of the world’s largest oil fields, also contributed to rising crude oil prices in January. Weather-related issues in North America near the end of January also affected crude oil production in the Gulf. However, compared with a year ago, gasoline prices in Canada were nearly 27 cents per litre lower, owing to lower taxes and year-over-year declines in crude oil prices.
In January, Vancouver, British Columbia, experienced the largest price increase, with gasoline prices rising 17.0 cents per litre to end the month at 161.0 cents per litre, the highest in Canada. Conversely, a few markets saw price declines. The most significant drop occurred in Sault Ste. Marie, Ontario, where prices fell 7.8 cents per litre in January, ending the month at 118.8 cents per litre. However, the lowest price in Canada at the end of January was in Prince Albert, Saskatchewan, at 112.6 cents per litre.
Diesel:
Retail diesel prices increased 18.4 cents per litre to 163.9 in January
Retail diesel prices rose more in January than gasoline prices, driven higher by rising crude oil prices and seasonal demand. Overall, diesel prices increased 18.4 cents per litre in January, finishing the month at 163.9 cents per litre. As colder weather swept across much of North America in January, demand for home heating fuel increased, a product similar to diesel fuel. This typically leads to higher wholesale diesel prices, which also rose by 18.4 cents per litre during the month. Higher wholesale prices, combined with increased crude prices, pushed retail diesel prices to their highest levels this winter.
Nearly all surveyed markets experienced an increase in retail diesel prices in January, with the largest price increase occurring in Vancouver, British Columbia, where prices rose 25.4 cents per litre, ending the month at 179.1 cents per litre. However, this was not the highest price in Canada. The highest price at the end of January was observed in Labrador, Newfoundland, at 191.4 cents per litre. Some markets experienced price decreases in January; the largest decrease was observed in Val d’Or, Quebec, where prices declined 2.7 cents per litre to 174.9 cents per litre. Overall, the lowest price at the end of January was found in Lloydminster, Alberta, at 139.1 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: Charting.kalibrate.com/
