2023 fuel price forecast: reviewing a volatile year and looking ahead

In 2023, it is expected that several themes will dominate the market such as the continuing war in Russia and the economic steps being taken to impact that conflict, the impending recession, the recovery of the Chinese economy, limited capacity and continued supply tightness in crude markets.

January 19, 2023|1 minute

In 2022, the impact of global events began to noticeably impact prices in the North American market, including Canada. At the start of the year, there was the Ukrainian and Russian war, followed by continued Covid-19 shutdowns in China, then wildfires on the western US coast which all resulted in pressured prices beyond the standard impacts from seasonality and refinery scheduled maintenance this past year.

Download the report (PDF)

All of these factors will continue to dominate the market. With the loss of refinery capacity in the North American market over the last several years it is expected that market volatility will continue to cause consumer concern and be a common theme in the news.

The Kalibrate team have created a report that looks to forecast the impact of trends on fuel pricing. Factors include:

Russia and China
Recession
Refinery capacity
Incoming legislative changes
Interest rates

Download Kalibrate’s free fuel price forecast report (PDF) to read insights from our industry experts to understand the factors impacting the fuel industry in 2023.