Diesel, Gasoline Prices Jump in Canada, U.S.

LONDON, ON and WASHINGTON, D.C. — Prices for both diesel and gasoline posted gains over the past week in both Canada and the U.S., hitting some of their highest levels in weeks, but many analysts say its doubtful this is part of a new trend.

The national average price of diesel in Canada increased $0.033 to $1.074 per liter, according to the petroleum information services provider The Kent Group. This is the first increase in four weeks and is at its highest level in just over three months.

Compared to this week last year the average cost is $0.225 less.

The biggest hike in Canada’s four main regions happened in Quebec, where it increased $0.061 to an average of $1.142 per liter while the lowest regional price is in Ontario at $1.047, up from $0.991 a week earlier. Average prices in the Atlantic Province and the Western Provinces also moved slightly higher to $1.101 and $1.078, respectively.

Meantime, regular grade gasoline increased for the first time in three weeks, adding $0.022 from last week, for a national average of $1.094.

This is its highest level in just over two months and is still $0.099 less than this time in 2014.

In the U.S. trucking’s main fuel posted its first hike in three weeks, rising US$0.017 to US$2.502 per gallon and its highest level since Oct. 19 as prices increase in all regions of the country east of the Rocky Mountains, according to the U.S. Energy Department’s Energy Information Administration.

Despite the increase diesel is US$1.175 per gallon less than this time last year.

Regular grade gasoline also move higher south of the border, picking up just US$0.011 over the past week for a nationwide average of US$2.235. Like diesel, this was also its first gain in three weeks and the highest price since Oct. 19.

Gasoline remains US$0.706 less per gallon than compared to this time in 2014.

Many analysts see this recent price hikes in both countries as a bit of a fluke as oil prices on Monday closed around two-week lows amid continuing speculation that oil in the global marketplace will remain oversupplied. 

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