October 2024. Kalibrate's Canadian Petroleum Price Snapshot

Gasoline

In October, Canada’s average retail gasoline price increased by 2.1 cents per litre. Typically, gasoline prices decline in the fall as seasonal demand wanes and cheaper winter-blended gasoline is incorporated into the fuel pool. However, crude oil prices experienced increased volatility in October due to ongoing geopolitical tensions in the Middle East, leading to overall higher Canadian crude oil input prices, up 2.8 cents per litre over October, contributing to higher retail prices. In addition, milder North American weather this fall may have contributed to a delayed end of the summer driving season as data from the EIA in the U.S. indicates gasoline stocks fell in October and demand rose, possibly contributing to higher retail gasoline prices in Canada.

There was some divergence in gasoline price trends in October in Canada, with gasoline prices rising in most parts of the country except for the Prairie Provinces, which saw prices decline in October, likely a result of the resolution of refinery issues south of the border in the U.S. Midwest in the previous month. The biggest price increase in October occurred in Sarnia, Ontario, where retail gasoline prices rose 13.5 cents per litre to 149.2 cents per litre by the month’s end. In contrast, retail gasoline prices declined the most in Edmonton and Calgary, Alberta, where prices fell 7.9 cents per litre over October to end the month at 139.2 and 143.6 cents per litre each, respectively. Overall, retail gasoline prices ended October the highest in Whitehorse, Yukon, at 184.9 cents per litre, and finished the month the lowest in Brandon, Manitoba, at 121.9 cents per litre.

Diesel

Like retail gasoline prices, retail diesel prices in Canada also increased, rising 3.6 cents per litre in October. Demand for diesel fuel typically rises in the fall as agricultural use increases and suppliers of home heating fuel (similar product to diesel fuel) build supplies in preparation for the upcoming winter, applying upward pressure to prices. This October was no exception, as data available in the U.S. from the EIA shows that demand for distillates rose to the highest level this year in October, leading to declining stocks and rising prices. Also, data from Statistics Canada, available up to August of this year, shows that the demand for diesel fuel was up 8.1 percent in August and 13.1 percent in July year-over-year.

Regionally, diesel prices generally rose in most areas of Canada in October. This was most notable in Atlantic Canada, where diesel prices climbed over ten cents per litre in October. In contrast, diesel prices fell 1.8 cents per litre in Manitoba over the month as refining issues south of the border were resolved. Diesel prices increased the most in October in Gander, Newfoundland, rising 15.5 cents per litre over October to end the month at 179.4, while in Winnipeg, Manitoba, diesel prices fell the most, falling 3.7 cents per litre over the month to 150.1 cents per litre. Retail diesel prices in Canada ended October the highest in Whitehorse, Yukon, at 189.9 cents per litre and the lowest in Sarnia, Ontario, at 146.1 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/