Diesel Prices Continue to Climb Toward Record High
Average diesel rack prices in Ontario increased once again this week to 102.2-cents a liter – more than a full penny above last week’s six-year high.
Diesel rack prices surpassed the 100-cent mark recently, reaching the highest they’ve been since 2008. And with the long-term weather forecast calling for sustained sub-zero temperature averages in Ontario throughout February and most of March, it’s likely rack prices could continue to climb further over the next couple of months.
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% year-over-year hike from January 2013.
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).
Across Canada, the national average for January was up 12.5% on a year over year basis. When broken down weekly, the first five weeks of 2014 have shown a steady increase, with the Canadian weekly average sitting at 103.7 cents-per litre this week.
