Yahoo Finance Gas prices are rising fastest in these Canadian cities after cold snap
Gas prices climbed in most Canadian cities this week as cold winter weather slowed output from North American refineries.
Some of the biggest gains were in Victoria and Winnipeg, where litre of regular gasoline climbed by 11 cents and nine cents, respectively, between Jan. 18 and Jan. 25. According to prices from more than 70 cities compiled by data firm Kalibrate, the nationwide average price added two cents per litre to $1.487.
While a handful of prices in Alberta and Quebec fell, prices across the country rose. Most areas of the Greater Toronto Area saw prices rise close to three centre per litre.
"Keep an eye on frigid temps, because those can affect refinery production, pushing some regional pump prices higher,” AAA spokesperson Andrew Gross warned in a blog earlier this month.
On Thursday, he said fluctuating oil prices, lower gas demand, and rising inventories are currently limiting price increases. That could change if crude continues to move higher, he added.
Where are gas prices headed in 2024?
In their latest quarterly price report, Kalibrate analysts call for Canadian gas prices to stay frozen through the winter. They see prices peaking in May.
"Gasoline prices in Canada will likely remain flat for the winter months as crude prices are expected to differ little from current levels," they predict in their report. "In the spring, a seasonal rise in demand will likely lead to expanding gasoline refining margins and higher wholesale gasoline prices, along with the switch-over to [costlier] summer-blended fuel."
Of course, this forecast comes with an exception.
"Crude oil markets are expected to be mostly balanced in 2024, leading to little price movement from current levels," they add. "However, increased risks due to rising tensions in the Middle East could potentially affect crude oil supplies and lead to sudden price spikes."
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location | Jan. 18 | Jan. 25 | Price change |
Canada Average (V) | 146.7 | 148.7 | 2 |
WHITEHORSE | 169.9 | 169.9 | 0 |
VANCOUVER* | 168 | 169.1 | 1.1 |
VICTORIA | 155.9 | 166.9 | 11 |
PRINCE GEORGE | 147.2 | 146.6 | -0.6 |
KAMLOOPS | 150.8 | 151.3 | 0.5 |
KELOWNA | 145.6 | 153.8 | 8.2 |
FORT ST. JOHN | 147.7 | 148.2 | 0.5 |
ABBOTSFORD | 150.4 | 157.5 | 7.1 |
YELLOWKNIFE | 156.9 | 156.9 | 0 |
CALGARY* | 129.2 | 126.2 | -3 |
RED DEER | 119.3 | 117.4 | -1.9 |
EDMONTON | 121.7 | 120 | -1.7 |
LETHBRIDGE | 127.8 | 128.2 | 0.4 |
LLOYDMINSTER | 122.5 | 122.5 | 0 |
GRANDE PRAIRIE | 129.9 | 132.9 | 3 |
REGINA* | 134.8 | 134.8 | 0 |
SASKATOON | 134.8 | 134.8 | 0 |
PRINCE ALBERT | 134.2 | 134.9 | 0.7 |
MOOSE JAW | 131.2 | 132.4 | 1.2 |
WINNIPEG * | 114 | 123 | 9 |
BRANDON | 114.7 | 122.4 | 7.7 |
CITY OF TORONTO* | 143.5 | 146.4 | 2.9 |
BRAMPTON | 143.6 | 146.9 | 3.3 |
ETOBICOKE | 143 | 146.2 | 3.2 |
MISSISSAUGA | 142.1 | 145.2 | 3.1 |
NORTH YORK | 143.6 | 146.3 | 2.7 |
SCARBOROUGH | 143.5 | 146.3 | 2.8 |
VAUGHAN/MARKHAM | 143.6 | 146.8 | 3.2 |
OTTAWA | 142.4 | 146.4 | 4 |
KINGSTON | 135.4 | 137.3 | 1.9 |
PETERBOROUGH | 136.2 | 137.5 | 1.3 |
WINDSOR | 142.8 | 145.7 | 2.9 |
LONDON | 143.7 | 146.2 | 2.5 |
SUDBURY | 148.4 | 154.7 | 6.3 |
SAULT STE MARIE | 142.9 | 143.2 | 0.3 |
THUNDER BAY | 139.4 | 140.2 | 0.8 |
NORTH BAY | 148.7 | 154.9 | 6.2 |
TIMMINS | 152.8 | 152.8 | 0 |
HAMILTON | 142 | 145.3 | 3.3 |
ST. CATHARINES | 136.8 | 141.1 | 4.3 |
BARRIE | 142.8 | 145.7 | 2.9 |
BRANTFORD | 141.3 | 142.3 | 1 |
GUELPH | 142.4 | 146.1 | 3.7 |
KITCHENER | 143.4 | 146.5 | 3.1 |
OSHAWA | 143.4 | 146.5 | 3.1 |
SARNIA | 129.6 | 142.4 | 12.8 |
MONTRÉAL* | 157.6 | 160.9 | 3.3 |
QUÉBEC | 162.2 | 160.2 | -2 |
SHERBROOKE | 157.3 | 158.8 | 1.5 |
GASPÉ | 165.6 | 165.6 | 0 |
CHICOUTIMI | 152.8 | 148.4 | -4.4 |
RIMOUSKI | 164.1 | 164.1 | 0 |
TROIS RIVIÈRES | 160.4 | 159.1 | -1.3 |
DRUMMONDVILLE | 158.1 | 158.5 | 0.4 |
VAL D'OR | 156.6 | 163.6 | 7 |
GATINEAU | 153.7 | 149.8 | -3.9 |
SAINT JOHN* | 151.2 | 153.4 | 2.2 |
FREDERICTON | 151.8 | 154.1 | 2.3 |
MONCTON | 151.8 | 154.5 | 2.7 |
BATHURST | 151 | 154 | 3 |
EDMUNDSTON | 151.3 | 154.1 | 2.8 |
MIRAMICHI | 153.2 | 156 | 2.8 |
CAMPBELLTON | 153.2 | 155.7 | 2.5 |
SUSSEX | 149.9 | 154.1 | 4.2 |
WOODSTOCK | 153.1 | 155.6 | 2.5 |
HALIFAX* | 152.1 | 155.3 | 3.2 |
SYDNEY | 154.1 | 157.3 | 3.2 |
YARMOUTH | 153.1 | 156.3 | 3.2 |
TRURO | 153.3 | 156.5 | 3.2 |
KENTVILLE | 152.7 | 155.9 | 3.2 |
NEW GLASGOW | 153.3 | 156.5 | 3.2 |
CHARLOTTETOWN* | 153.4 | 158.2 | 4.8 |
ST JOHNS* | 161.4 | 164.6 | 3.2 |
GANDER | 163.9 | 167.1 | 3.2 |
LABRADOR CITY | 168 | 171.2 | 3.2 |
CORNER BROOK | 162 | 165.3 | 3.3 |
GRAND FALLS | 163.9 | 167.1 | 3.2 |
SOURCE: KALIBRATE • All figures in CAD cents
(*) Denotes markets used in Volume Weighted Canada Average
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
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