Diesel Prices Creep Higher for Second Straight Week
Posted: October 14, 2015
LONDON, ON and WASHINGTON, D.C. – National average prices for diesel are gaining momentum, hitting levels not seen in several weeks in both Canada and the U.S.
In Canada, trucking’s main fuel increased $0.026 over the past week, hitting $1.055 per liter, according to the petroleum information services provider The Kent Group Ltd. This marks the second straight weekly hike and is the highest price in two months.
Compared to this week a year ago the average price is still $0.212 less.
Prices increased in Canada’s four main regions from last week, with the biggest gain happening in the Atlantic Province, adding $0.036 and hitting an average of $1.086 per liter. The average price increased nearly as much in the Western Provinces, registering $1.08, while Quebec had the highest average cost at $1.097, with Ontario coming in nearly the same as a week ago at $0.996 per liter.
In the U.S. the story was similar, with the average diesel cost increasing for the second consecutive week, jumping US$0.064 over the past week to US$2.556 per gallon, the highest level in seven weeks. This is also the largest weekly increase in more than two years, according to the U.S. Energy Department’s Energy Information Administration, and follows a US$0.016 gain the previous week.
Despite the hike, diesel in the U.S. remains $1.142 less per gallon on average versus the same time in 2014.
Meantime, the average U.S. cost of regular grade gasoline increased by US$0.019 to US$2.337 per gallon, but is still US$0.87 less than a year earlier.
In Canada, the average cost of regular grade gasoline continued its recent trend of increasing one week only to fall the next. This week it added $0.01 from last week for a national average of $1.067 per liter, which is $0164 less than compared to this time in 2014.