LONDON, ON and WASHINGTON, D.C. – It looks like diesel prices will end the year on a very much lower note in both Canada and the U.S. with continuing declines, making for the least expensive prices in several years.
According to the petroleum information services provider The Kent Group, the national average cost of trucking’s main fuel in Canada is down $0.017 from a week ago to $0.995 per liter. This is the sixth weekly drop and its lowest level since 2010.
Compared to this time last year diesel is $0.199 cheaper.
Prices fell Canada’s four different regions and currently range from a low of $0.97 per liter in the Western Provinces to a high of $1.093 in Quebec.
In the U.S., the story is also a continued drop for six straight weeks, with the average national cost falling US$0.054 from last week to US$2.284 per gallon, according to the U.S. Energy Department’s Energy Information Administration.
When the current average is compared to this time in 2014 it is down nearly US$1 per gallon.
Meantime, prices for regular grade gasoline went in opposite directions, heading higher in Canada while falling in the U.S.
The Canadian average increased $0.014 from last week to $1.027 per liter, marking the second straight weekly hike and its highest level since the first week of December.
With this latest increase it is just $0.033 less than this time last year.
In contrast, the average U.S. cost of regular grade gasoline fell US$0.011 from last week to US$2.026 per gallon, with some analysts forecasting it will soon be below the US$2 mark despite it being US$0.377 less than during this week in 2014.
Prices for both diesel and gasoline are the lowest in years is due to the worldwide collapse in oil prices over the past year and a half. Crude oil prices overseas on Monday hit their lowest levels in more than a decade due to a worldwide oversupply.
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