The Financial Post reports in its Saturday edition that the May long weekend typically marks when gasoline prices stabilize ahead of the summer driving season. A Reuters dispatch to the Post reports that Roger Mcknight from En-Pro International, however, warns that the "Trump factor" could disrupt price behaviour. He explains that refineries undergo maintenance in January and February to produce summer fuels, causing prices to rise until peaking around mid-April. While current prices may remain consistent through warmer months, Mr. Mcknight suggests that President Donald Trump's remarks on tariffs and geopolitical issues could impact the market.
The effects of the federal consumer carbon levy's removal on April 1 are still evident, with pump prices about 15 cents per litre lower than before. Refineries are operating at about 90-per-cent capacity, which is low for this time of year, and the price of crude oil remains weak.
West Texas Intermediate, a U.S. benchmark for light oil, has been hovering around the $60 (U.S.)-per-barrel mark in recent weeks, about $10 (U.S.) lower than it was just six months ago. The Canadian Fuels Association, citing 2023 data, said crude oil represents about 42 per cent of the pump price.
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