Diesel Prices Continue Decline, Canadian Crude Tumbles

LONDON, ON and WASHINGTON, D.C. — Fuel prices continue falling, returning to levels seen earlier in the year while also hitting their lowest in several years south of the border, according to figures released this week.

The petroleum information services provider The Kent Group reports average Canadian cost of diesel shed another $0.006 this week, hitting $1.086 per liter. This marks its sixth consecutive weekly drop and is at its lowest level since early February.

Compared to this week a year ago the average cost of diesel is down $0.212.

Prices are varied across the country, averaging $1.14 per liter in the Atlantic Provinces, $1.226 in Quebec, $1.166 in Ontario and $1.16 in the Western Provinces.

This happened as national average cost of regular grade gasoline fell $0.008 over the past week to $1.176 per liter, the third straight weekly decline and its lowest price since last May.

When compared to the same time a year ago, the average cost of the fuel is $0.135 less per liter.

Meantime, in the U.S., the average cost of diesel fell for the 10th straight week and hit its lowest level since 2009, according to the country’s Energy Department.

The US$0.055 drop in the price over the past week pushed it down to US$2.668, the lowest price since October 12, 2009.

This most recent string of declines has lowered the average cost of diesel by US$0.246 and is down US$1.185 from this week a year ago.

Meantime, the average cost of gasoline is nearly the same as trucking’s main fuel, US$2.689, down US$0.056 over past week and US$0.826 less than compared to this week in 2014.

Pulling fuel prices down in both Canada and the U.S. has been a drop in the price of crude, with benchmark U.S. prices falling to near US$45 per barrel in New York, its lowest level since January amid a worldwide glut of petroleum.

According to Tom Kloza of the Oil Price Information Service, the price of heavy sour crude in Canada tumbled Wednesday to $28 per barrel, resulting in what said was a “much weeping and gnashing of teeth in the oil sands” in his Twitter feed.

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