Petroleum pricing in Canada — the Q3 2024 report

Crude oil prices fell, and refined product margins contracted in the third quarter, leading to lower retail gasoline and diesel prices.

By September, Canadian retail gasoline prices had fallen to an eight-month low and diesel prices to a fourteen-month low as crude input prices fell to their lowest level this year and refined product margins contracted through the quarter.

Canadian regional gasoline and diesel market overview

Retail gasoline prices fell in all areas of Canada in the third quarter; however, there were some regional differences. In British Columbia, particularly in Vancouver, retail gasoline prices have seen substantial decreases since peaking this year in April.

Read the full regional overview alongside charts of gasoline and diesel price components by region here.

Canadian fuel market outlook

Looking ahead to the remainder of this year and the first three quarters of 2025, retail gasoline prices will likely decline from current prices until the end of the year, then increase, peaking in the late spring or early summer next year. In contrast, diesel prices are expected to climb until the end of the year before marginally declining as we head towards the summer months.

Read the full Q3 report from Kalibrate Canada here