Petroleum pricing in Canada — the Q2 2023 report

In the second quarter, gasoline prices climbed to a 7-month high while diesel prices reached their lowest level in a year and a half.

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. 

Source: Kalibrate Quarterly Report of Petroleum Pricing in Canada – Second Quarter 2023

 

Download and read the full report for an in-depth understanding of the North American and Canadian fuel market and the drivers for the in pricing. 

 

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