How much does gas cost in Canada?
According to CAA Daily gas price trackerCanadians paid a mean of $1.68 per liter as of May 2, 2024. That’s six cents greater than the bottom average price of the last 30 days and 12.3 cents greater than a 12 months ago.
What the national averages don’t show, nonetheless, are the unpredictable price spikes that occur in some regions. A typical example? On April 18, 2024, drivers in Toronto woke up to search out that gas prices had risen from $1.65 to $1.79 per liter overnight.
That 14 cents per gallon increase meant Ford F-150 owners needed to spend as much as $19 more on gas, Dodge Durango drivers an extra $13, and Toyota Highlander drivers an extra $9 per fill-up needed to pay. It would cost $8 more for a family automotive just like the Hyundai Sonata or Chevrolet Malibu, and $7 more for smaller cars just like the Honda Civic. Would you prefer to use a fleet of heavy trucks to your company? Filling this Silverado 2500 or Ram 2500 HD will cost you $20 to $35 more.
Those are big jumps, but gas prices are still well below levels at the peak of the pandemic. In the summer of 2022, the national average price reached a staggering $2.11 per liter, in accordance with the value tracking website GasBuddy.com.
According to the Canadian Fuels Association, Vancouver had Canada’s highest average gasoline prices in 2023, followed by St. John’s, Charlottetown, Montreal and Halifax.
If you are frustrated by wildly fluctuating gas prices, you are not alone. Below, I’ll provide you with easy fuel saving suggestions that may enable you reduce your gas bills by 15% or more. But first, let’s take a take a look at the impact of gas prices in Canada.
Why do gas prices rise and fall?
The price you pay on the pumps for a liter of gasoline includes many costs and taxes that adjust by country, province and even region – but that is only a part of the story. To understand the impact of gas prices, it’s helpful to know how crude oil is processed and why demand is so high.
Understanding crude oil
Crude oil is a particularly useful substance that happens deep underground. It is product of ancient dead materials – animals and plants that lived hundreds of thousands of years ago. The value of crude oil lies in its ingredients, which we use to make plastics, synthetic rubber, cleansing products, heating oil, kerosene, motor oil, asphalt and naturally the gasoline that powers our cars.
