November 1, 2024
Bank of Canada rate cut to raise demand and prices, analyst says #CanadaFinance

Bank of Canada rate cut to raise demand and prices, analyst says #CanadaFinance

CashNews.co

What does Canada’s central bank have to do with the gas in your tank? An industry expert sees the upsized rate cut from the Bank of Canada on Wednesday pushing prices higher.

“The interest rate drop . . . sounds like good news, but this will increase demand for gas as more drivers will hit the road,” En-Pro chief petroleum analyst Roger McKnight wrote in a blog on Thursday. “Higher demand translates into higher gas prices.”

Don’t get fooled by the arrival of colder weather. He says the switch to cheaper winter gas has been priced in since mid-August.

The average price for a litre of regular gasoline across Canada fell by a penny between Oct. 17 and Oct. 24, according to data from Kalibrate.

This week saw double-digit discounts in Abbotsford, B.C. and North Bay, Ont. Gatineau, Que. booked the biggest gain, adding 6.4 cents per litre.

Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.

(All figures in CAD cents)

Location

Oct. 17

Oct. 24

Price Change

Canada Average (V)

156

155

-1

WHITEHORSE

184.9

184.9

0

VANCOUVER*

178.5

175.9

-2.6

VICTORIA

172.6

168.5

-4.1

PRINCE GEORGE

159.1

159.9

0.8

KAMLOOPS

159.9

159.7

-0.2

KELOWNA

159.5

157.3

-2.2

FORT ST. JOHN

164.9

157.9

-7

ABBOTSFORD

172.7

159.7

-13

YELLOWKNIFE

162.9

160.4

-2.5

CALGARY*

146.7

141.9

-4.8

RED DEER

150.8

146.7

-4.1

EDMONTON

143.8

136.1

-7.7

LETHBRIDGE

145.4

145.4

0

LLOYDMINSTER

148.2

144.3

-3.9

GRANDE PRAIRIE

159.9

156.3

-3.6

REGINA*

148.8

148.5

-0.3

SASKATOON

144

143.7

-0.3

PRINCE ALBERT

148.9

143.9

-5

MOOSE JAW

148.9

148.9

0

WINNIPEG *

138

129.9

-8.1

BRANDON

123.3

122.3

-1

CITY OF TORONTO*

152.6

153.6

1

BRAMPTON

152.5

153.4

0.9

ETOBICOKE

152.2

153

0.8

MISSISSAUGA

151.6

152.1

0.5

NORTH YORK

152.7

153.8

1.1

SCARBOROUGH

152

153.3

1.3

VAUGHAN/MARKHAM

152.6

153.6

1

OTTAWA

151.6

153.6

2

KINGSTON

152.9

145

-7.9

PETERBOROUGH

148.9

142.1

-6.8

WINDSOR

152.2

152.9

0.7

LONDON

152.4

152.8

0.4

SUDBURY

156.5

149.4

-7.1

SAULT STE MARIE

148.9

148.9

0

THUNDER BAY

156.1

151.6

-4.5

NORTH BAY

159.8

147.5

-12.3

TIMMINS

155.8

154.7

-1.1

HAMILTON

151.3

151.3

0

ST. CATHARINES

150.7

152.1

1.4

BARRIE

151.4

152.7

1.3

BRANTFORD

149.6

147.7

-1.9

GUELPH

151.9

152.9

1

KITCHENER

152.5

152

-0.5

OSHAWA

152.5

153.5

1

SARNIA

155.5

152.6

-2.9

MONTRÉAL*

158.3

158.2

-0.1

QUÉBEC

157.4

156

-1.4

SHERBROOKE

152.3

149.8

-2.5

GASPÉ

160.7

162.4

1.7

CHICOUTIMI

137.8

133.4

-4.4

RIMOUSKI

157.7

152.4

-5.3

THREE RIVERS

152.4

152.4

0

DRUMMONDVILLE

158.3

155.9

-2.4

VAL D’OR

152.6

152.7

0.1

GATINEAU

141.5

147.9

6.4

SAINT JOHN*

157.2

157.8

0.6

FREDERICTON

158

158.8

0.8

MONCTON

158.1

158.8

0.7

BATHURST

157.8

158.7

0.9

EDMUNDSTON

157

156.8

-0.2

MIRAMICHI

159.2

159.6

0.4

CAMPBELLTON

157.9

159.9

2

SUSSEX

157.6

157.8

0.2

WOODSTOCK

159.2

160.3

1.1

HALIFAX*

157

157.7

0.7

SYDNEY

159

159.6

0.6

YARMOUTH

158.1

158.7

0.6

TRURO

158.2

158.8

0.6

KENTVILLE

157.6

158.2

0.6

NEW GLASGOW

158.2

158.8

0.6

CHARLOTTETOWN*

163.8

163.8

0

ST JOHNS*

169.4

165.6

-3.8

GANDER

171.9

167.9

-4

LABRADOR CITY

176

172.2

-3.8

CORNER BROOK

170

166.3

-3.7

GRAND FALLS

171.9

168

-3.9

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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