Diesel Prices Remain at Multi-Year Lows

LONDON, ON AND WASHINGTON, D.C. —  The trend of lower diesel prices continues in both Canada and the U.S. while gasoline has edged a bit higher here at home.

The average cost of the distillate fuel fell $0.004 over the past week to $1.021 per liter, hitting its lowest level since September 2010, according to the latest figures from the petroleum information services provider The Kent Group

Compared to this week last year the price is down $0.26 per liter.

In Canada’s four main regions, the average price even dipped below $1, coming in at an average of $0.994 per liter in Ontario. Average prices in the Atlantic Provinces and Quebec also fell slightly over the past week, registering $1.026 and $1.087, respectively, while it moved slightly higher in the Western Provinces, hitting $1.036 per liter.

Meantime, in the U.S. the average cost of diesel remains around a more than six-year low of US$2.476 this week, down US$0.017 from last week, according to the country’s Energy Department and the U.S. Energy Information Administration. This is the third consecutive weekly drop, together totaling US$0.058 and is US$1.279 less than this week a year ago.

The average cost of regular grade gasoline also moved lower south of the border, hitting US$2.322, down US$0.005 from last week, following a US$0.048 drop the week before and is US$1.032 less than during this time in 2014.

The trend for gasoline was a bit opposite in Canada, with the average price up $0.007 from a week ago to $1.068 per liter, following a $0.01 decline a week earlier.

Compared to a year earlier, the average price of regular grade gasoline is $0.233 less per liter.

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