Yahoo Finance Price of gas climbs in Ontario this week, Prairie and Maritime prices fall
Rising gas prices in Ontario balanced cheaper fuel in the Maritimes and Prairies, working out to flat average prices in Canada this week.
The average retail cost of regular gasoline was virtually flat (-0.5 cents) between Oct. 12 and Oct. 19 at $1.572 per litre, according to pump prices from more than 70 cities compiled by data firm Kalibrate.
Woodstock, N.B. booked the biggest seven-day swing, with prices falling 9.3 cents to $1.651. Thunder Bay, Ont. was this week’s biggest gainer, adding 7.7 cents to $1.539.
In its latest inflation reading on Tuesday, Statistics Canada said gas prices jumped 7.5 per cent annually in September, up from 0.8 per cent in August, due to base-year effects. The federal data agency said Eastern Canada saw the biggest price gains last month on a year-over-year basis.
Unlike crude oil (CL=F), gasoline prices have not yet seen a major run-up in response to the Israel-Hamas war. U.S. benchmark crude prices climbed above US$90 per barrel on Thursday.
In the United States, AAA data showed the national average cost of retail gasoline sits at US$3.58 per gallon, US$0.10 less than a week ago, and US$0.30 off from last month. The annual switch to a less expensive winter blend of fuel, and falling seasonal demand, contributed to the decline.
“The downward momentum has indeed gained steam," GasBuddy head of petroleum analysis Patrick De Haan stated in a blog earlier this week.
“I remain steadfast that additional declines are coming to gasoline prices the way the situation stands now but remain cautious that this depends on actions that are not foreseeable, mainly the conflict in the Middle East.”
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Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
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