Gasoline:
Retail gasoline prices decreased 12.7 cents per litre to 176.8 in May
Retail gasoline prices in Canada were volatile in May, peaking at 198.4 cents per litre mid-month—the highest since July 2022—before declining significantly in the second half of the month to 176.8 cents per litre. The fluctuations were driven by unstable crude oil prices amid mixed signals regarding the Middle East conflict. Additionally, spring maintenance at North American refineries reduced gasoline production and contributed to declining fuel stocks, further driving retail prices higher in early May. Overall, retail gasoline prices in May declined 12.7 cents per litre from the end of April.
Most areas of the country saw retail gasoline prices decline in May, with notable drops in the Prairie Provinces, particularly in Manitoba, where prices fell by an average of more than 23 cents per litre. Elsewhere, double-digit declines were recorded in Alberta (an average of 13.2 cents per litre), Newfoundland (11.7 cents per litre), and British Columbia (10.0 cents per litre). Overall, pump prices fell the most in Brandon, Manitoba, where they declined 24.2 cents per litre, ending the month at 157.7 cents per litre, the lowest price in Canada. In contrast, prices climbed the most in Timmins, Ontario, up 21.8 cents per litre over the month to 190.7 cents per litre. However, this was not the highest price in Canada. The highest price at the end of May was in Vancouver, British Columbia, at 209.0 cents per litre.
Diesel:
Retail diesel prices decreased 16.1 cents per litre to 206.0 in May
Disrupted trade flows due to the conflict abroad have kept diesel wholesale prices elevated this spring. Weekly data from the U.S. Energy Information Administration show that U.S. distillate fuel exports reached an all-time high in early May, contributing to distillate stock levels that fell to their lowest in 23 years in May. Compared with a year ago, diesel refining margins in Canada were 74 percent higher. In May, retail diesel prices peaked at 223.7 cents per litre at the start of the month, before falling to 206.0 cents per litre by the end of the month, in line with declining crude prices, an overall decline of 16.1 cents per litre from the end of April.
Many parts of Canada saw significant declines in retail diesel prices in May, particularly in Ontario and Western Canada. British Columbia recorded the largest decline, with an average drop of 27.1 cents per litre. Only one province saw the average diesel price increase in May: New Brunswick, where prices rose 2.6 cents per litre. Overall, the largest price decline was in Grande Prairie, Alberta, where prices fell a substantial 55.4 cents per litre, ending the month at 170.1 cents per litre, the lowest price in Canada. Elsewhere, the steepest increase was in Whitehorse, Yukon, where prices rose 20.5 cents per litre in May, ending the month at 235.9 cents per litre. However, this was not the highest price in Canada at the end of May. The highest diesel price at the end of May was in Val d’Or, Quebec, at 246.9 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/
