Gas prices in Canada are on a downward trend, bringing relief to drivers as prices have dropped following a recent spike. The national average price per liter reached 194.5 cents before falling to 186.9 cents overnight. This decrease is attributed to the transition from summer-blend to winter-blend gasoline around mid-September, a change that aims to enhance engine performance in colder temperatures and prevent fuel-line freezing.

According to Dan McTeague, the president of Canadians for Affordable Energy, there may be a further drop in gas prices over the weekend. However, McTeague emphasized that unless there is a significant increase in oil and gasoline supply globally, prices are unlikely to decrease significantly.

Meanwhile, geopolitical tensions in the Middle East have disrupted oil flow, leading to a surge in oil prices. The cost of Brent crude oil surpassed $100 per barrel and currently hovers around $104. Conversely, diesel prices in Canada are on the rise, with the average price standing at $2.751 per liter, varying across different cities. This increase in diesel prices could impact consumer goods prices as transportation costs are passed along to consumers.

Experts warn that the escalating diesel prices could result in higher grocery prices as trucks and tractors, essential for transporting and harvesting food, predominantly rely on diesel fuel. Tej Dulat, from the Canada Truck Operators Association, highlighted the potential impact on consumer prices due to the necessity for companies to offset rising fuel costs.