The final long weekend of summer will also be the cheapest for Canadian drivers, with gasoline prices heading into the Labour Day holiday the lowest they've been since late February.
The national average retail price for regular gasoline on Thursday, according to Natural Resources Canada, was 161.1 cents per litre. The last time Canadians saw average gasoline prices in the $1.60 range was during the last week of February, just before the effects of Russia's Feb. 25 invasion of Ukraine began to be felt at the fuel pumps.
But prices have been declining steadily since August, in part due to the falling price of crude oil and also because of lower U.S. refining margins. On Friday, the October U.S. crude contract was trading at US$86.61 per barrel, its lowest level since late January. "The war in Ukraine added a 15-cent-per-litre premium to gasoline prices, at its peak," Muralidharan said."Now that premium is dissipating somewhat. Not because the war is ending, but because of demand fears. There's a lot of pessimism in oil markets right now."
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