August 2024. Kalibrate's Canadian Petroleum Price Snapshot

Gasoline

August retail gasoline prices fell 12.2 cpl to 156.7

Gasoline pump prices in Canada fell in August, declining 12.2 cents per litre to end the month at 156.7, the lowest level since the beginning of March.

This decline was influenced by lower crude oil prices, which were pressured lower by ongoing global economic concerns. However, the most significant factor in the decline was due to contracting refining margins as demand showed signs of waning in August after peaking in the previous month, the height of the busy summer driving season.

Gasoline prices generally fell in all regions of the country, with the most significant decline occurring in North Bay, Ontario, where prices fell 19.5 cents per litre to 152.9 by the month’s end. Overall, retail gasoline prices ended August the lowest in Brandon, Manitoba, at 138.6 cents per litre, and finished the month the most expensive in Whitehorse, Yukon, at 189.9 cents per litre.

Diesel

August retail diesel prices fell 4 cpl to 163.4

Retail diesel prices in Canada also declined, falling 4.0 cents per litre to end the month at 163.4 cents per litre, reaching the lowest level this year in August.

For much of this year, North American distillate demand has tracked lower than the previous year and inventories have increased. Consequently, diesel refining margins have contracted from a year ago, down 17 cents per litre in August year-over-year, leading to lower retail prices from a year ago, down 17.1 cents per litre.

In August, retail diesel prices declined the most in Charlottetown, Prince Edward Island, falling 13.8 cents per litre to 167.4 by month’s end. Retail diesel prices in Canada ended August the lowest in Sarnia, Ontario, at 147.1 cents per litre and the highest in Whitehorse, Yukon, at 194.9 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/