January 2024. Kalibrate's Canadian Petroleum Price Snapshot
January retail gasoline prices rose 4.3 cpl to 149.9
Retail gasoline prices in Canada climbed in January, rising 4.3 cents per litre over the month.
Crude oil prices steadily climbed over the month as stocks contracted and geo-political concerns rose abroad, contributing to higher retail gasoline prices. The largest increase was observed in Sarnia, Ontario, where retail gasoline prices rose 20.9 cents per litre in January. Gas prices in Sarnia started the year nearly 18 cents per litre lower than the Canadian average due to a local price war.
Elsewhere, retail prices declined in Manitoba where the provincial government introduced a six-month fuel tax holiday, reducing petroleum taxes by 14 cents per litre for the first half of the year. Other provinces, including Alberta, Ontario, and Newfoundland, also have fuel tax savings currently in place. Overall, retail gasoline prices ended January the cheapest in Red Deer, Alberta, at 117.3 cents per litre, and were the most expensive in Vancouver, British Columbia, at 173.2 cents per litre.
January retail diesel prices rose 4.1 cpl to 171.4
The Atlantic provinces experienced the largest increase, rising on average nearly six cents per litre. The region is more heavily reliant on distillates for home heating. Although North American distillate fuel supplies have increased in the last few months, East Coast inventory levels remain considerably lower than typical. The province of Manitoba experienced a significant decline in retail diesel prices in January, falling over 20 cents per litre. This was, in part, due to a reduction in fuel taxes and, in part, due to a smaller increase in wholesale diesel prices in the West compared to the rest of Canada. Overall, retail diesel prices ended January the cheapest in Edmonton, Alberta, at 148.5 cents per litre, and were the most expensive in Labrador City, Newfoundland, at 210.0 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/
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