Declining prices for crude oil are providing relief to Canadian motorists as the average price of gasoline across the country has dropped by 30 cents a litre in the past month.
Data from CAA National shows that the price at the pump for gasoline in Canada now averages $1.43 per litre, down 30 cents since early November.
Earlier this year, the average price of gasoline was above $2 per litre after Russia invaded Ukraine and global crude oil prices topped $120 U.S. per barrel.
But now, with crude oil prices down around $75 U.S. a barrel, Canadians are getting a break in terms of the price they pay at the gas pumps. And analysts forecast that prices will likely continue to decline through Christmas this year.
However, while gasoline prices have declined sharply in the last month, the average price at the pump across Canada is still above the $1.36 average it was at this time last year (2021).
According to the CAA’s gas price tracker, Alberta was the only province in Canada where gas prices increased recently, rising to $1.33 per litre from $1.32. The Alberta government recently reinstated a gas tax of $0.05 per litre.
