Canada 150 marks the lowest July long-weekend gasoline prices in 7 years

June 30th, 2017  |  News

This year’s Canada Day long weekend is projected to see the lowest gasoline prices the nation has seen in the past seven years. According to findings made by GasBuddy, gasoline prices are averaging at $1.04 a litre across the country as of Thursday, the lowest it has been since 2010.

The price of gasoline varies from province to province. The highest prices in Canada can be found in British Columbia, sitting at 118.2/L, while Manitoba is home to the cheapest at 91.3/L.

"Motorists are getting a well-deserved break at the pump after years of high summer gas prices," said GasBuddy’s senior petroleum analyst, Dan McTeague. "Call it an early Christmas present in July, complete with fireworks in the skies rather than at the pumps."

This is a switch in the typical pricing trends. Gasoline tends to be more expensive in the summer as the oil blends have fewer emissions and cost more to refine, which is a contributing factor to the higher gasoline prices seen in the summer months. 2017, however, is a different story, as gasoline was more expensive in January than it has been in June.

Three key factors are being said to play a part in the dip in summer gasoline prices; the drop in price of crude oil, the currently large inventory of gasoline the United States is in possession of, and the general lack of demand for gas among Canadians this summer.