Petroleum pricing in Canada — the Q2 2023 report
Despite crude prices reaching an 18-month low in June, retail gasoline prices climbed in the second quarter upon strong demand and lower inventories. In contrast, retail diesel prices declined in the second quarter as demand waned.
Crude prices trended lower in the second quarter, averaging nearly twenty-five cents per litre lower in Canada compared to a year ago. Ongoing global economic concerns weighed on markets as central banks worldwide continued to exert constrictive monetary policies to curb inflation.
Additionally, increased crude oil production from countries outside the Organization of Petroleum Exporting Countries and their allies (OPEC+) has increased crude oil supplies contributing to lower prices.
So what happens in petroleum next?
A surprise production cut announced by the Organization of Petroleum Exporting Countries and allied countries (OPEC+) is expected to tighten crude oil markets and push prices higher in the coming months. In addition, increased demand from China as the country emerges from pandemic lockdowns could further tighten crude oil markets. Both factors could contribute to higher crude prices and push retail gasoline and diesel prices higher in the coming months.
Read the full report from Kalibrate Canada to get detailed insight on Canadian petroleum pricing in the last quarter, including:
- A gasoline and diesel market overview
Find out how prices have changed across the nation — with a breakdown of the final pump price, and an explanation of supply, demand, and other influencing factors.
- The market outlook for the rest of the year
Read Kalibrate’s analysis on how OPEC’s moves will impact the market – as well as upcoming changes to petroleum taxes.
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