LONDON, ON and WASHINGTON, D.C. — The average cost of diesel in both Canada and the U.S. has moved lower over the past week while the Canadian cost of gasoline is the lowest since early this year.
In Canada, the national average price of trucking’s main fuel declined $0.016 from last week to $1.039 per liter, according to the petroleum information services provider The Kent Group. This follow no change the week before and is now $0.202 less than this time last year.
Prices fell from last week in all four of Canada’s four main regions and currently range from a low of $0.987 per liter in Ontario to a high of $1.079 in Quebec, though the Atlantic and Western Provinces respective average are only about $0.015 less.
Meantime, in the U.S. the average cost of diesel declined US$0.033 from last week to US$2.498 per gallon, according to the U.S. Energy Department’s Energy Information Administration. This is the second consecutive week it has fallen and is the lowest price since late September.
Compared to this week a year ago the price is down US$1.137 per gallon.
Back in Canada, the average cost of regular grade gasoline is also down from last week, falling $0.005 to $1.041 per liter, its lowest level since February, and is $0.147 less than this time in 2014.
The average cost of regular grade gasoline also declined in the U.S. over the past week, giving up US$0.049, and hitting US$2.228. This follows a US$0.06 drop the week before and is down US$0.828 per gallon from this time last year.
The lower prices over the past year are all due to a worldwide glut of crude oil, which is expected to continue through 2016, according to the International Energy Agency. The reason is due to increased oil output from OPEC member nations and a slowdown in world economic growth.
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