Yahoo Finance Gas prices fall in cities across Canada, while OPEC meeting looms
Gas prices dipped again in Canada last week, according to data from more than 70 cities across the country. A leading expert says the decline is due in part to softer demand versus a year ago.
Drivers in Fredericton, N.B. were treated to the biggest discount, as prices fell 6.1 cents per litre of regular fuel between May 9 and May 16. According to data firm Kalibrate, the average cost per litre in cities nationwide fell three cents to $1.681.
En-pro chief petroleum analyst Roger McKnight says the four-week average for gasoline demand has slipped more than four per cent on an annualized basis.
"Demand is therefore down year-over-year, and this is forcing pump prices down alongside it," he wrote in a blog on Thursday.
On the supply side, he says refiners and OPEC+ are in the drivers seat, as supply remains tight.
"With OPEC meeting next month, it remains a mystery as to whether they will maintain their stand on production cuts," McKnight wrote. "If they don’t increase supply, then [oil] prices will have only one way to go, and it isn’t down."
Rising fuel prices could raise demand for plug-in hybrid vehicles. Last week, Italian supercar brand Lamborghini launched its first entry to the category in the Canadian market, a new version of its Urus SUV starting at $304,100.
While Canadians love a hybrid, DesRosiers Automotive Consultants notes luxury vehicle sales were down 7.3 per cent in the first quarter of 2024. Analysts reported sales of "mass market" cars and trucks climbed 18.7 per cent during that time.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location | May 9 | May 16 | Price change |
Canada Average (V) | 171.1 | 168.1 | -3 |
WHITEHORSE | 189.9 | 189.9 | 0 |
VANCOUVER* | 202.3 | 199.7 | -2.6 |
VICTORIA | 207 | 204.5 | -2.5 |
PRINCE GEORGE | 168.3 | 168.1 | -0.2 |
KAMLOOPS | 178.8 | 173.3 | -5.5 |
KELOWNA | 173.5 | 170.8 | -2.7 |
FORT ST. JOHN | 171.9 | 170.2 | -1.7 |
ABBOTSFORD | 189.7 | 189.7 | 0 |
YELLOWKNIFE | 161.4 | 162.9 | 1.5 |
CALGARY* | 154.5 | 151.9 | -2.6 |
RED DEER | 155.3 | 153.4 | -1.9 |
EDMONTON | 148.7 | 147.5 | -1.2 |
LETHBRIDGE | 161.2 | 160.9 | -0.3 |
LLOYDMINSTER | 152.6 | 152.3 | -0.3 |
GRANDE PRAIRIE | 156.9 | 156.9 | 0 |
REGINA* | 156.9 | 156.8 | -0.1 |
SASKATOON | 148.6 | 155.2 | 6.6 |
PRINCE ALBERT | 158 | 155.9 | -2.1 |
MOOSE JAW | 158.7 | 158.7 | 0 |
WINNIPEG * | 141.4 | 141.3 | -0.1 |
BRANDON | 143.3 | 139.6 | -3.7 |
CITY OF TORONTO* | 166.4 | 163 | -3.4 |
BRAMPTON | 166.3 | 163.4 | -2.9 |
ETOBICOKE | 166.3 | 161 | -5.3 |
MISSISSAUGA | 165.1 | 162 | -3.1 |
NORTH YORK | 166.8 | 162.5 | -4.3 |
SCARBOROUGH | 166.3 | 163.2 | -3.1 |
VAUGHAN/MARKHAM | 166.5 | 162.4 | -4.1 |
OTTAWA | 166.4 | 162.5 | -3.9 |
KINGSTON | 163.4 | 162.1 | -1.3 |
PETERBOROUGH | 160.9 | 164.2 | -3.3 |
WINDSOR | 164.9 | 161 | -3.9 |
LONDON | 165.5 | 162.5 | -3 |
SUDBURY | 170 | 172.7 | 2.7 |
SAULT STE MARIE | 170.7 | 168.9 | -1.8 |
THUNDER BAY | 169.8 | 169.1 | -0.7 |
NORTH BAY | 166.6 | 164.1 | -2.5 |
TIMMINS | 173.9 | 171.7 | -2.2 |
HAMILTON | 163.9 | 160.5 | -3.4 |
ST. CATHARINES | 161.6 | 159.2 | -2.4 |
BARRIE | 165.5 | 162.3 | -3.2 |
BRANTFORD | 163.2 | 160.2 | -3 |
GUELPH | 165.5 | 161.6 | -3.9 |
KITCHENER | 165.9 | 161.7 | -4.2 |
OSHAWA | 165.6 | 162.6 | -3 |
SARNIA | 154.6 | 160.7 | 6.1 |
MONTRÉAL* | 177.4 | 174.3 | -3.1 |
QUÉBEC | 183.5 | 179.9 | -3.6 |
SHERBROOKE | 177.3 | 176.8 | -0.5 |
GASPÉ | 189.4 | 186.1 | -3.3 |
CHICOUTIMI | 164.5 | 159.9 | -4.6 |
RIMOUSKI | 177.4 | 174.4 | -3 |
TROIS RIVIÈRES | 184.4 | 179.4 | -5 |
DRUMMONDVILLE | 177.1 | 176.7 | -0.4 |
VAL D'OR | 179.6 | 179.6 | 0 |
GATINEAU | 163.8 | 160.9 | -2.9 |
SAINT JOHN* | 175.7 | 171.4 | -4.3 |
FREDERICTON | 177.6 | 171.5 | -6.1 |
MONCTON | 177.8 | 172 | -5.8 |
BATHURST | 178.1 | 171.9 | -6.2 |
EDMUNDSTON | 177 | 170.8 | -6.2 |
MIRAMICHI | 178.6 | 173 | -5.6 |
CAMPBELLTON | 178.9 | 172.9 | -6 |
SUSSEX | 177.5 | 171.3 | -6.2 |
WOODSTOCK | 178.9 | 172.9 | -6 |
HALIFAX* | 184 | 179.4 | -4.6 |
SYDNEY | 186 | 181.3 | -4.7 |
YARMOUTH | 185.1 | 180.4 | -4.7 |
TRURO | 185.2 | 180.5 | -4.7 |
KENTVILLE | 184.6 | 180 | -4.6 |
NEW GLASGOW | 185.2 | 180.5 | -4.7 |
CHARLOTTETOWN* | 183.3 | 177.6 | -5.7 |
ST JOHNS* | 184.9 | 181.7 | -3.2 |
GANDER | 187.4 | 184.2 | -3.2 |
LABRADOR CITY | 191.4 | 188.3 | -3.1 |
CORNER BROOK | 185.6 | 182.4 | -3.2 |
GRAND FALLS | 187.4 | 184.2 | -3.2 |
SOURCE: KALIBRATE • All figures in CAD cents
(*) Denotes markets used in Volume Weighted Canada Average
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
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