November 2024. Kalibrate's Canadian Petroleum Price Snapshot

Gasoline

In November, Canada’s average retail gasoline price increased by 1.6 cents per litre. In contrast to typical seasonal trends, gasoline prices increased over November despite lower crude oil prices. Worries that weaker global demand for oil might create a crude glut next year and a peace deal in the Middle East allowed crude prices to decline in November. However, weekly data from the U.S. Energy Information Administration (EIA) shows that gasoline inventories in the U.S. have trended below the previous five-year range during November, perhaps due to lingering mild temperatures this fall contributing to stronger gasoline demand. This is particularly true along the U.S. East Coast, where weekly inventory levels in November fell to the lowest level since December 2022. Consequently, Canadian gasoline prices increased in several central and eastern Canadian markets in November.

The biggest price increase in November occurred in Peterborough, Ontario, where retail gasoline prices rose 9.9 cents per litre to 149.5 by the month’s end. In contrast, retail gasoline prices declined the most in Grande Prairie, Alberta, where prices fell 8.0 cents per litre over November, ending the month at 147.9. Overall, retail gasoline prices ended November the highest in Whitehorse, Yukon, at 184.9 cents per litre, unchanged from last month, and finished the month the lowest in Brandon, Manitoba, at 119.9 cents per litre

Diesel

Like retail gasoline prices, retail diesel prices in Canada also increased, rising 4.0 cents per litre in November. The province of Ontario experienced the largest increase, with diesel prices rising nearly seven cents per litre on average in the province. Refinery issues in the province in the latter part of November may have contributed to rising diesel prices in this region, particularly as demand for agricultural use was likely strong. Eastern parts of the country also experienced a higher-than-average increase in diesel prices in November, likely due to increased demand for home heating use. Although the start of winter has been mild this year, suppliers and users of home heating fuel, a similar product to diesel fuel, are likely building inventories in preparation for winter.

Diesel prices increased the most in November in Sarnia, Ontario, rising 11.8 cents per litre over November to end the month at 157.9, while in Kelowna, British Columbia, diesel prices fell the most, falling 3.3 cents per litre over the month to 169.7. Retail diesel prices in Canada ended November the highest in Labrador City, Newfoundland, at 190.0 cents per litre and the lowest in Brandon, Manitoba, at 146.2 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: Charting.kalibrate.com/