April 2024. Kalibrate's Canadian Petroleum Price Snapshot

Gasoline

April retail gasoline prices rose 11.5 cpl to 177.3

In mid-April, retail gasoline prices in Canada climbed to the highest level since October 2022, ending the month 11.5 cents per litre higher.

This increase was primarily driven by the rising crude oil prices, which also peaked in April. However, limited gasoline production in Canada due to several refineries undergoing maintenance also played a crucial role in driving prices higher.

Data from the Canadian Energy Regulator shows that Canadian refinery utilization dropped to 66 percent in April, the lowest since May 2021. This and a seasonal rise in gasoline demand likely led to rising gasoline prices in April. Retail gasoline prices rose in all parts of the country this past month, with the most significant increase occurring in Trois Rivières, Québec, where prices rose 24.8 cents per litre to 185.8 by the month’s end.

Overall, retail gasoline prices ended April the lowest in Winnipeg, Manitoba, at 141.7 cents per litre, and were the most expensive in Vancouver, British Columbia, at 218.4 cents per litre.

Diesel

April retail diesel prices rose 1.3 cpl to 171.2

In April, retail diesel prices in Canada rose 1.3 cents per litre after reaching a four-month high earlier in the month.

There was a stark regional variance in diesel prices in April as Eastern Canada experienced declining diesel prices while Central and Western markets generally experienced rising diesel prices. The East Coast relies more on distillate fuels for home heating than other parts of the country. As the home heating season ends, lower demand in eastern provinces is likely the main factor in lower diesel prices.

In other parts of the country, lower refinery utilization likely contributed to a decline in distillate production, leading to rising prices. However, the effect on prices was limited as suppliers increasingly incorporate more biofuels into the distillate fuel supply. Retail diesel prices fell the most in Gander, Newfoundland, down 22.2 cents per litre to 182.1, and rose the most in Grande Prairie, Alberta, up 8.5 cents per litre to 163.6 in April.

Overall, retail diesel prices ended April the highest in Labrador City, Newfoundland, at 213.5 cents per litre, and were lowest in Kitchener, Ontario, at 157.3 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/