February 2025. Kalibrate's Canadian Petroleum Price Snapshot

Gasoline

Aided by declining crude oil prices in February and lower seasonal demand, retail gasoline prices fell in Canada by 4.6 cents per litre over the month.

Crude oil prices fell throughout the second half of the month, reaching the lowest price of the year near the end of February. Several factors contributed to lower crude prices, including mounting trade war fears, which could lead to reduced global economic activity and lower crude oil demand. Talks of a potential peace deal between Russia and Ukraine mid-month also contributed to lower crude oil prices. Lastly, a decline in refinery activity in the U.S., particularly within the U.S. Gulf region, the refining hub of North America, led to reduced demand for crude oil and rising inventories.

While the most significant decline in retail gasoline prices occurred in Fort St. John, British Columbia, where prices dropped by 12.5 cents per litre to end the month at 156.4, the situation was not uniform across Canada. In fact, some markets experienced a rise in prices, with the steepest increase observed in Winnipeg, Manitoba, where prices rose by 9.3 cents per litre to 155.9 cents per litre. Overall, the highest retail gasoline prices were recorded in Whitehorse, Yukon, at 184.9 cents per litre, while the lowest were in Brandon, Manitoba, at 135.6 cents per litre.

Diesel

Like gasoline, retail diesel prices in Canada declined in February, falling 0.9 cents per litre. However, diesel prices did not decrease as much as gasoline, as strong seasonal demand led to declining inventories, particularly along the East Coast of the U.S., where home heating fuel, a similar product to diesel fuel, is prominently used. Consequently, diesel refining margins, also called the crack spread, expanded in Canada in February to the highest monthly average since November 2024, keeping retail prices elevated.

In February, diesel prices decreased the most in Canada in Sarnia, Ontario, declining 7.5 cents per litre to end the month at 158.4 cents per litre, the lowest price in Canada. In contrast, some markets in Canada experienced rising diesel prices, particularly in Newfoundland, where diesel prices rose on average 5.3 cents per litre in February. In Corner Brook and Gander, Newfoundland, diesel prices rose 6.3 cents per litre in February to end the month at 203.2 in Corner Brook and 205.0 in Gander, the highest price in the country

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/