LONDON, ON and WASHINGTON, D.C. – As 2015 draws to a close average prices for both diesel and gasoline in Canada and the U.S. are at their lowest levels in years.
The Canadian national average price of diesel has fallen for the seventh straight week, down $0.009 from last week, to $0.986 per liter, according to the petroleum information services provider The Kent Group.
Not only is this the lowest price since August 2010 it is $0.194 less than this time last year.
For all of 2015, the fuel averaged $1.092 per liter compared to $1.339 last year.
The current price is the lowest since May 2009 and is US$0.978 less than compared to this week in 2014.
When it comes to regular grade gasoline, prices were mixed between Canada in the U.S. Here at home, the national average cost fell $0.006 over the past week to $1.021 per liter, but is $0.04 more than it was this time last year.
In the U.S., the average cost of regular grade gasoline moved up US$0.008 from last week to US$2.034 per gallon, but remains US$0.265 less than compared to this time in 2014.
The price declines follow a huge drop in the price of crude oil for more than a year due to a worldwide oversupply and less demand.