Gas prices in Canada have taken a welcome dip, providing relief for drivers, thanks to the seasonal transition. Earlier this week, the national average price per liter peaked at 194.5 cents but has since fallen overnight to 186.9 cents as of Friday. The shift in gasoline prices during the year is attributed to the switch from summer-blend to winter-blend fuel around mid-September. This modification in fuel composition helps prevent fuel-line freezing and enhances engine performance in colder temperatures.
According to Dan McTeague, president of Canadians for Affordable Energy, there may be a further decrease in gas prices by a few cents over the weekend before stabilizing. However, McTeague cautioned that significant improvements in oil, diesel, jet fuel, and gasoline supply globally would be needed to push prices lower.
The ongoing conflicts in the Middle East have disrupted oil flow, resulting in an increase in oil prices. Brent crude oil prices surpassed $100 per barrel recently, currently hovering around $104 US. Conversely, diesel prices have surged in Canada, with the average cost per liter reaching $2.751. Despite variations across cities like Calgary and Vancouver, where diesel prices range from $2.513 to $3.055 per liter, the overall trend is upward.
Experts warn that the escalating diesel prices could impact consumers, as diesel powers the transportation of goods, including groceries. Tej Dulat, from the Canada Truck Operators Association, highlighted that the increased fuel costs may lead to higher prices for consumer goods, affecting grocery prices.