Canadian Gas Pump Prices Back on the Decline

(CEP News) - The average price of gas in Canada fell lower over the past week, according to Calgary-based MJ Ervin & Associates.

The average price of regular unleaded gasoline in Canada fell 4.6 cents to $0.825 in the week ended Feb. 24, well off the peak of $1.401 per litre reached in July 2008.

The weekly survey showed Ottawa had the lowest average price in the country at $0.734, down 5.7 cents from the prior week.

Yellowknife continued to have the highest average price in the country at $1.032 per litre, unchanged from the previous week.

The largest price decreases were seen in Toronto, Ottawa and Hamilton, Ont. where prices were 5.7 cents lower.

Significant price decreases were also seen in Kingston, Ont. (-5.4 cents), Kelowna, B.C.(-4.9 cents) and Vancouver (5.2 cents).

The price of Nymex crude oil was hovering around $41 per barrel on Wednesday.

In 2008, prices in Western Canada averaged $1.158 per litre, while the price in Quebec averaged $1.184. Drivers in Atlantic Canada have paid, on average, $1.179 per litre this year and drivers in Ontario paid $1.100. In 2008, the average price of gas in Canada was $1.141.

By Stephen Huebl, shuebl@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca

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