Fuel Prices Increasing as Oil Hits 2015 Highs

by Evan Lockridge

The average Canadian cost of diesel and gasoline continues moving up as oil prices on Tuesday hit their highest levels of the year.

Diesel increased 0.8 cent from last week for a national average of $1.118 per liter, according to figures released from price data provider Kent Group. The price is based on a 10-city average.

Despite the increase it remains 28.7 cents per liter less than during this time in 2014.

Prices this week in major trucking centers range from 94.5 cents per liter in Edmonton, down 1 cent from last week; 96.4 cents in Winnipeg, a drop of 1.4 cents; $1.12 in Kamloops, an increase of 1.8 cent; $1.131 in Toronto, a 0.7 cent gain; and $1.155 in Moncton, a 1.3 cent increase.

Meantime, the national average price of regular grade gasoline increased 3.1 cents from last week to $1.145 per liter, but is still 19.4 cents less than the same time last year.

In the U.S. the national average price of on-highway diesel also keeps pushing higher, increasing 4.3 U.S. cents from last week to U.S.$2.854 per gallon.

This is the third straight weekly increase but remains U.S.$1.11 less than this same time a year ago.

It ranges in the country from a low of U.S.$2.715 in the Midwest to a high of U.S.$3.133 in Central Atlantic states.

The average cost of regular-grade gasoline also increased over the past week, adding 9.4 U.S. cents to the national average, now at U.S.$2.664 per gallon.

This is its highest price since early December but is still U.S.$1.02 less than the same time a year ago.

The increase in average fuel prices in both Canada and the U.S. over the past week is not surprising due to oil prices hitting their highest levels of the year on Tuesday.

In the U.S. benchmark crude settled at U.S.$60.40 per barrel after hitting a 2015 high earlier in the day of $61.10. The more widely used Brent crude benchmark in London closed at U.S.$67.52 after hitting this year’s peak of U.S.$68.40.

Oil prices have increased about 50% over the past few months, following a more than 50% decline from more than U.S.$100 per barrel last summer.

This latest jump is being blamed on a weaker U.S. dollar, disruptions of Libyan crude to the world market and higher prices for Saudi oil, despite increasing U.S. stockpiles of the black gold.


Have your say


This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.

*