Diesel Still Getting Cheaper, Gasoline Higher Than in 2015

LONDON, ON and WASHINGTON, D.C. – Diesel prices started out the New Year continuing their downward trend in both Canada and the U.S. while gasoline is actually up over the past year here at home.

The Canadian national average cost of diesel has fallen for the eighth consecutive week, down $0.002 from last week, to $0.984 per liter and remains at its lowest level since August 2010, according to the petroleum information services provider The Kent Group

Since the last weekly increase in early November the average price of diesel has fallen $0.09 per liter and is $0.177 less than this time last year.

Trucking’s main fuel ranges from an average of $0.958 in the Western Provinces to a high of $1.074 in Quebec.

In the U.S. the story is similar, but less expensive, with diesel also falling for the eighth straight week, down US$0.024 from last week, to a national average of US$2.211 per gallon, its lowest level since May 2009, according to the U.S. Energy Department’s Energy Information Administration.

Compared to this time last year, the average cost of diesel in the U.S. is US$0.926 less per gallon.

Meantime, when it comes to regular grade gasoline, the national average cost in Canada is down by $0.008 from last week, hitting $1.013 per liter, but is $0.063 more than this time last year.

That’s is the opposite of the U.S., where the fuel posted a national average of US$2.028 this week, down US$0.006 from last week, and is US$0.186 less per gallon.

These latest prices come as the price of benchmark oil in the U.S. continued falling to near an 11-year low on Tuesday, as some analysts believe recent tensions between oil producers Saudi Arabia and Iran could exacerbate world oversupply of crude, which has led to lower fuel prices around the globe.

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