Yahoo Finance Gas prices in Canadian cities fall ahead of Thanksgiving long weekend
Gasoline prices fell across most of Canada this week as drivers prepare to hit the road for the Thanksgiving weekend.
According to pump prices from more than 70 cities compiled by the data firm Kalibrate, the average retail cost of regular gasoline fell 7.2 cents per litre between Sept. 28 and Oct. 5 to $1.612. Vancouver saw the biggest drop, with prices sinking by 32 cents. Sudbury, Ont. and Gaspe, Que. booked the largest increases, gaining 2.7 cents in each market.
This week's price trend is a sign of relief for Canadian drivers as the summer season comes to an end, and fuel stations switch to a less-expensive winter blend. In its latest inflation reading, Statistics Canada noted the first year-over-year gas price increase since January. On a monthly basis, gas prices climbed 4.6 per cent in August as crude pushed higher due to global production cuts.
Gasoline futures for November (RB=F) have lost about nine per cent, or 20 U.S. cents, this week, suggesting lower prices could persist.
Oil Price Information Service head of energy analysis Tom Kloza told Yahoo Finance on Friday that drivers can expect fuel costs to drop like "wet feathers."
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll though the graphic below to find your nearest city.
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
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