Diesel prices across Canada are significantly increasing, with jumps of over 6 cents per litre in Nova Scotia and 7 cents per litre in New Brunswick, due to the ongoing conflict between Israel and Iran. Petroleum analyst Patrick De Haan attributes this to supply and demand issues, as distillate inventories (diesel, heating oil) are nearly 20% below the five-year average. The Nova Scotia energy board invoked the Interrupter Clause in response. Truckers like James Roache and organizations like the Atlantic Provinces Trucking Association note that these rising fuel costs are passed on to consumers through higher product prices and fuel surcharges, disproportionately affecting independent drivers and smaller companies.
Overseas conflict between Israel and Iran causes diesel prices to climb in Canada
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TL;DR: Key points with love ❤️Diesel prices across Canada are significantly increasing, with jumps of over 6 cents per litre in Nova Scotia and 7 cents per litre in New Brunswick, due to the ongoing conflict between Israel and Iran. Petroleum analyst Patrick De Haan attributes this to supply and demand issues, as distillate inventories (diesel, heating oil) are nearly 20% below the five-year average. The Nova Scotia energy board invoked the Interrupter Clause in response. Truckers like James Roache and organizations like the Atlantic Provinces Trucking Association note that these rising fuel costs are passed on to consumers through higher product prices and fuel surcharges, disproportionately affecting independent drivers and smaller companies.
Trending- 1 Recently: Diesel prices began climbing.
- 2 Several days prior: Prices climbed over 7 cents per litre in New Brunswick.
- 3 Recently: Prices jumped over 6 cents per litre in Nova Scotia.
- Higher operating costs for truckers and businesses
- Increased product prices for consumers
- Financial strain on independent truck drivers and smaller companies
- Potential for further price hikes globally
What: Significant increase in diesel fuel prices across Canada.
When: Recently, with increases observed over several days.
Where: Across Canada, specifically Nova Scotia and New Brunswick, and generally North America.
Why: The ongoing conflict between Israel and Iran, leading to supply and demand issues and low distillate inventories (nearly 20% below five-year average).
How: Geopolitical instability causes energy markets to brace for the unknown, increasing demand and prices. Nova Scotia's energy board invoked the Interrupter Clause.