May 2023 Canadian Petroleum Price Snapshot

Gasoline

The average Canadian retail unleaded price fell in early May before charging course and climbing through the remainder of the month, reaching 168.1 cents per litre by the month’s end, 6.1 cents per litre higher than the end of April. Most provinces experienced an increase in retail unleaded prices in May, with the most significant increase experienced in Ontario, where prices rose 7.3 cents per litre. The U.S. Energy Information Administration’s weekly petroleum report shows North American gasoline demand increased 3.3 percent in May, while gasoline inventories declined, down 3.1 percent from the end of April. Higher demand and shrinking inventories are lending support to rising gasoline prices.

Retail gasoline prices rose 6.1cpl to 168.1 in May.

Diesel

Like gasoline prices, Canadian diesel prices declined early in the month, bottoming out at 151.5 cents per litre in early May before modestly climbing. Since the start of the year until early May, diesel prices have fallen a total of 54.2 cents per litre and a massive 82.2 cents per litre since peaking in November 2022. The U.S. Energy Information Administration’s weekly petroleum report shows distillate fuel demand rose in May, up 3.2 percent from the end of April, and distillate inventories declined 3.3 percent during the month. Rising demand and shrinking inventories are likely the main contributors to ending the falling price trend experienced this year.

Retail diesel prices fell 4.1cpl to 154.1 in May.

We conduct a daily survey of retail gasoline, diesel, propane, and furnace fuel prices in 77 Canadian cities. Petroleum prices are available for download and display using a variety of analytic tools on our website: https://charting.kalibrate.com/