Yahoo Finance Gas prices keep falling as 'Canadians remain reliant on their vehicles'
Gas prices continued to track lower over the past seven days. Meanwhile, a leading Canadian market expert says prices this summer will hinge on "refiners coming back from their winter holiday."
Abbotsford, B.C. was the top decliner between May 2 and May 9, with pump prices for regular fuel losing 16.3 cents per litre. Sudbury, Ont., Vancouver, B.C., and St. Catharines, Ont., followed with high single-digit losses. According to data from Kalibrate, the average cost per litre in cities nationwide fell five cents to $1.711.
“Gasoline prices will head south, but refinery runs must find a way north,” En-pro chief petroleum analyst Roger McKnight wrote in a blog on Thursday. "The latest EIA (Energy Information Agency) U.S. inventory report seems to imply that the refining industry may wake up just in time for the summer driving season."
Canadians are getting behind the wheel more often, according to DesRosiers Automotive Consultants. Their analysts found 2023 gas consumption came in at nearly 43 million cubic metres, 17.3 per cent above the low seen in the pandemic-hit year of 2020, and importantly 1.1 per cent above 2019 results.
“Clearly, Canadians are continuing to use their vehicles at high levels,” DesRosiers managing partner Andrew King wrote on Wednesday. "Even with a gradually changing fleet, gasoline consumption demonstrates that Canadians remain reliant on their vehicles.”
DesRosiers says the growth in gasoline consumption is particularly noteworthy given improving vehicle efficiency, and the number of EVs and hybrids on the road today.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location | May 2 | May 9 | Price change |
Canada Average (V) | 176.1 | 171.1 | -5 |
WHITEHORSE | 189.9 | 189.9 | 0 |
VANCOUVER* | 210.2 | 202.3 | -7.9 |
VICTORIA | 209.6 | 207 | -2.6 |
PRINCE GEORGE | 168.8 | 168.3 | -0.5 |
KAMLOOPS | 181.3 | 178.8 | -2.5 |
KELOWNA | 173.9 | 173.5 | -0.4 |
FORT ST. JOHN | 174.9 | 171.9 | -3 |
ABBOTSFORD | 206 | 189.7 | -16.3 |
YELLOWKNIFE | 161.9 | 161.4 | -0.5 |
CALGARY* | 156 | 154.5 | -1.5 |
RED DEER | 159 | 155.3 | -3.7 |
EDMONTON | 151 | 148.7 | -2.3 |
LETHBRIDGE | 161.6 | 161.2 | -0.4 |
LLOYDMINSTER | 154.9 | 152.6 | -2.3 |
GRANDE PRAIRIE | 156.9 | 156.9 | 0 |
REGINA* | 156.9 | 156.9 | 0 |
SASKATOON | 153.3 | 148.6 | -4.7 |
PRINCE ALBERT | 158.8 | 158 | -0.8 |
MOOSE JAW | 158.7 | 158.7 | 0 |
WINNIPEG * | 141.7 | 141.4 | -0.3 |
BRANDON | 143.3 | 143.3 | 0 |
CITY OF TORONTO* | 172.3 | 166.4 | -5.9 |
BRAMPTON | 172 | 166.3 | -5.7 |
ETOBICOKE | 171.6 | 166.3 | -5.3 |
MISSISSAUGA | 171.3 | 165.1 | -6.2 |
NORTH YORK | 172.6 | 166.8 | -5.8 |
SCARBOROUGH | 172.5 | 166.3 | -6.2 |
VAUGHAN/MARKHAM | 172 | 166.5 | -5.5 |
OTTAWA | 171.5 | 166.4 | -5.1 |
KINGSTON | 166.6 | 163.4 | -3.2 |
PETERBOROUGH | 164.1 | 160.9 | -3.2 |
WINDSOR | 171.1 | 164.9 | -6.2 |
LONDON | 171.7 | 165.5 | -6.2 |
SUDBURY | 178.6 | 170 | -8.6 |
SAULT STE MARIE | 170.8 | 170.7 | -0.1 |
THUNDER BAY | 169.9 | 169.8 | -0.1 |
NORTH BAY | 168.5 | 166.6 | -1.9 |
TIMMINS | 179.2 | 173.9 | -5.3 |
HAMILTON | 170.2 | 163.9 | -6.3 |
ST. CATHARINES | 169.5 | 161.6 | -7.9 |
BARRIE | 171.9 | 165.5 | -6.4 |
BRANTFORD | 167.9 | 163.2 | -4.7 |
GUELPH | 171.4 | 165.5 | -5.9 |
KITCHENER | 171.4 | 165.9 | -5.5 |
OSHAWA | 172.2 | 165.6 | -6.6 |
SARNIA | 169.6 | 154.6 | -15 |
MONTRÉAL* | 183.4 | 177.4 | -6 |
QUÉBEC | 188.5 | 183.5 | -5 |
SHERBROOKE | 179.9 | 177.3 | -2.6 |
GASPÉ | 189.4 | 189.4 | 0 |
CHICOUTIMI | 169 | 164.5 | -4.5 |
RIMOUSKI | 178.1 | 177.4 | -0.7 |
TROIS RIVIÈRES | 184.9 | 184.4 | -0.5 |
DRUMMONDVILLE | 180.7 | 177.1 | -3.6 |
VAL D'OR | 182.6 | 179.6 | -3 |
GATINEAU | 166.6 | 163.8 | -2.8 |
SAINT JOHN* | 177.7 | 175.7 | -2 |
FREDERICTON | 178.1 | 177.6 | -0.5 |
MONCTON | 178.3 | 177.8 | -0.5 |
BATHURST | 178.6 | 178.1 | -0.5 |
EDMUNDSTON | 177.2 | 177 | -0.2 |
MIRAMICHI | 179.5 | 178.6 | -0.9 |
CAMPBELLTON | 179.5 | 178.9 | -0.6 |
SUSSEX | 177.9 | 177.5 | -0.4 |
WOODSTOCK | 179.4 | 178.9 | -0.5 |
HALIFAX* | 187.3 | 184 | -3.3 |
SYDNEY | 189.3 | 186 | -3.3 |
YARMOUTH | 188.3 | 185.1 | -3.2 |
TRURO | 188.5 | 185.2 | -3.3 |
KENTVILLE | 187.9 | 184.6 | -3.3 |
NEW GLASGOW | 188.5 | 185.2 | -3.3 |
CHARLOTTETOWN* | 183.3 | 183.3 | 0 |
ST JOHNS* | 191.9 | 184.9 | -7 |
GANDER | 194.4 | 187.4 | -7 |
LABRADOR CITY | 198.5 | 191.4 | -7.1 |
CORNER BROOK | 192.6 | 185.6 | -7 |
GRAND FALLS | 194.4 | 187.4 | -7 |
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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