Insights: Canadian diesel prices experienced a decline at the beginning of May, reaching a low of 151.5 cents per litre before gradually rising. From the start of the year until early May, diesel prices have decreased by a total of 54.2 cents per litre, following a significant drop of 82.2 cents per litre since their peak in November 2022. According to the U.S. Energy Information Administration’s weekly petroleum report, there was a 3.2 percent increase in distillate fuel demand in May compared to the end of April, accompanied by a 3.3 percent decrease in distillate inventories during the same period. These factors, including rising demand and declining inventories, are likely the primary reasons behind the shift from falling prices observed earlier this year.

** For a comprehensive analysis of the Canadian petroleum price snapshot, we recommend visiting Kalibrate’s website at https://kalibrate.com **