Diesel Prices Steadily Climb Toward Record High
TORONTO, ON — The Canadian average weekly rack price for diesel once again increased this week to 103.7-cents per liter, more than a full penny above last week’s six year-high, according to the Ontario Trucking Association (OTA).
Diesel rack prices surpassed the 100-cent mark recently, reaching the highest they’ve been since mid-2008. And the upwards trend is likely going to continue, the OTA stated.
Across Canada, the national average for January was up 12.5 percent on a year over year basis. When broken down weekly, the first five weeks of 2014 have shown a steady increase.
The Canadian average is calculated from the averages of the following locations: Charlottetown, Saint John, Halifax, Quebec City, Montreal, Maitland, Ottawa, Toronto, Hamilton, London, Sarnia, Nanticoke, Thunder Bay, Sault Ste. Marie, Winnipeg, Regina, Calgary, Edmonton, Kamloops, Vancouver and Nanaimo.
The province of Ontario is not spared from the price increases, either. Average diesel rack prices in Ontario increased this week to 102.2-cents a liter, up from last week’s 101.1 cents per litre before tax.
“If this early trend continues, there could be new record highs in early 2014. Already, the Ontario average in January 2014 showed a 9.3-percent year over year hike from January 2013,” the OTA stated.
What's more, for the first time this year, all nine locations which OTA monitors in Ontario (Maitland, Ottawa, Toronto, Hamilton, London, Sarnia, Nanticoke, Thunder Bay, and Sault Ste. Marie) are all above the $1 per-litre mark (before tax).