Yahoo Finance Gas prices rise again in Canada this week; Kingston, Ont. sees biggest hike
Gas prices continue to tick higher across most Canadian cities, with Kingston, Ont. booking the biggest gain nationwide over the past seven days.
According to prices from more than 70 cities compiled by data firm Kalibrate, the nationwide average price added 1.6 cents per litre to $1.503 as of Feb. 1. Pump prices in Kingston rose by 8.8 cents per litre over the same period. Chicoutim, Que. saw the biggest weekly discount, with prices falling 2.3 cents per litre.
Andy Lipow, president of Lipow Oil Associates, says rising international shipping costs for crude are impacting consumer fuel costs.
"Heightened tensions in the Middle East have the market pricing in a higher probability of a supply disruption," he told Yahoo Finance on Wednesday. “Although no oil production has been shut in, tankers avoiding transiting through the Red Sea and Suez Canal have added to logistics cost, and the consumer is seeing that in higher gasoline prices.”
On Friday, the biggest companies in Canada's fossil fuel sector will start reporting fourth-quarter financial results, beginning with Imperial Oil (IMO.TO)(IMO). In the U.S., ExxonMobil (XOM) and Chevron (CVX) earnings will kick off earnings season for the oil and gas industry.
Analysts expect weaker earnings thanks to lower oil prices. U.S. benchmark West Texas Intermediate (CL=F) oil averaged US$78.52 per barrel in the fourth quarter, down about four per cent from the previous three months.
"Profits are down year over year for sure, but I would not characterize them as squeezed," Peter McNally, global head of analysts at Third Bridge, told Yahoo Finance. "They are healthy but just down from a period of extraordinary earnings in 2022."
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location | Jan. 25 | Feb. 1 | Price change |
Canada Average (V) | 148.7 | 150.3 | 1.6 |
WHITEHORSE | 169.9 | 169.9 | 0 |
VANCOUVER* | 169.1 | 173.9 | 4.8 |
VICTORIA | 166.9 | 167 | 0.1 |
PRINCE GEORGE | 146.6 | 146.6 | 0 |
KAMLOOPS | 151.3 | 151.3 | 0 |
KELOWNA | 153.8 | 152 | -1.8 |
FORT ST. JOHN | 148.2 | 146.2 | -2 |
ABBOTSFORD | 157.5 | 158.5 | 1 |
YELLOWKNIFE | 156.9 | 157.9 | 1 |
CALGARY* | 126.2 | 124.9 | -1.3 |
RED DEER | 117.4 | 118.3 | 0.9 |
EDMONTON | 120 | 117.7 | -2.3 |
LETHBRIDGE | 128.2 | 129 | 0.8 |
LLOYDMINSTER | 122.5 | 121 | -1.5 |
GRANDE PRAIRIE | 132.9 | 134.1 | 1.2 |
REGINA* | 134.8 | 134.8 | 0 |
SASKATOON | 134.8 | 133.7 | -1.1 |
PRINCE ALBERT | 134.9 | 134.9 | 0 |
MOOSE JAW | 132.4 | 132.4 | 0 |
WINNIPEG * | 123 | 122.9 | -0.1 |
BRANDON | 122.4 | 121.9 | -0.5 |
CITY OF TORONTO* | 146.4 | 148.1 | 1.7 |
BRAMPTON | 146.9 | 148.4 | 1.5 |
ETOBICOKE | 146.2 | 148.2 | 2 |
MISSISSAUGA | 145.2 | 147.8 | 2.6 |
NORTH YORK | 146.3 | 148.6 | 2.3 |
SCARBOROUGH | 146.3 | 147.8 | 1.5 |
VAUGHAN/MARKHAM | 146.8 | 148.6 | 1.8 |
OTTAWA | 146.4 | 148.7 | 2.3 |
KINGSTON | 137.3 | 146.1 | 8.8 |
PETERBOROUGH | 137.5 | 140.8 | 3.3 |
WINDSOR | 145.7 | 147.9 | 2.2 |
LONDON | 146.2 | 148.6 | 2.4 |
SUDBURY | 154.7 | 154.4 | -0.3 |
SAULT STE MARIE | 143.2 | 144.7 | 1.5 |
THUNDER BAY | 140.2 | 143.2 | 3 |
NORTH BAY | 154.9 | 154.7 | -0.2 |
TIMMINS | 152.8 | 152.6 | -0.2 |
HAMILTON | 145.3 | 146.5 | 1.2 |
ST. CATHARINES | 141.1 | 142.2 | 1.1 |
BARRIE | 145.7 | 147.7 | 2 |
BRANTFORD | 142.3 | 146.5 | 4.2 |
GUELPH | 146.1 | 148.7 | 2.6 |
KITCHENER | 146.5 | 148.4 | 1.9 |
OSHAWA | 146.5 | 148.7 | 2.2 |
SARNIA | 142.4 | 147.4 | 5 |
MONTRÉAL* | 160.9 | 162.3 | 1.4 |
QUÉBEC | 160.2 | 163.7 | 3.5 |
SHERBROOKE | 158.8 | 163.3 | 4.5 |
GASPÉ | 165.6 | 165.6 | 0 |
CHICOUTIMI | 148.4 | 146.1 | -2.3 |
RIMOUSKI | 164.1 | 166.1 | 2 |
TROIS RIVIÈRES | 159.1 | 161.6 | 2.5 |
DRUMMONDVILLE | 158.5 | 164.7 | 6.2 |
VAL D'OR | 163.6 | 163.6 | 0 |
GATINEAU | 149.8 | 154.2 | 4.4 |
SAINT JOHN* | 153.4 | 157 | 3.6 |
FREDERICTON | 154.1 | 157.6 | 3.5 |
MONCTON | 154.5 | 157.7 | 3.2 |
BATHURST | 154 | 157.7 | 3.7 |
EDMUNDSTON | 154.1 | 157.1 | 3 |
MIRAMICHI | 156 | 155 | -1 |
CAMPBELLTON | 155.7 | 158.1 | 2.4 |
SUSSEX | 154.1 | 157.2 | 3.1 |
WOODSTOCK | 155.6 | 158.8 | 3.2 |
HALIFAX* | 155.3 | 159.1 | 3.8 |
SYDNEY | 157.3 | 161 | 3.7 |
YARMOUTH | 156.3 | 160.1 | 3.8 |
TRURO | 156.5 | 160.2 | 3.7 |
KENTVILLE | 155.9 | 159.7 | 3.8 |
NEW GLASGOW | 156.5 | 160.2 | 3.7 |
CHARLOTTETOWN* | 158.2 | 160.5 | 2.3 |
ST JOHNS* | 164.6 | 167.9 | 3.3 |
GANDER | 167.1 | 170.5 | 3.4 |
LABRADOR CITY | 171.2 | 174.6 | 3.4 |
CORNER BROOK | 165.3 | 168.7 | 3.4 |
GRAND FALLS | 167.1 | 170.5 | 3.4 |
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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