Saturday, September 13, 2025

Latest

Canadian Gas Prices Drop After Government Scraps Carbon Tax

Canadian gasoline prices have fallen sharply after Prime Minister Mark Carney’s government eliminated a consumer carbon tax that had been in place since 2019, with the national average dropping by more than 11 cents per litre in just three days.

Data from fuel market tracker GasBuddy showed the national average for gasoline decreased from 155 cents per litre on Sunday to 143.6 cents by Wednesday, following the tax repeal that took effect on Tuesday.

Eight provinces recorded price declines exceeding six cents per litre, with New Brunswick seeing the steepest reduction of 15 cents. British Columbia and Ontario experienced drops of more than 10 cents per litre.

The carbon price for gasoline had been set at 17.6 cents per litre for the period from April 1, 2024, to March 31, 2025. Some regions may not yet reflect the full decrease due to retailer software adjustments and other market factors, GasBuddy analyst Patrick De Haan explained.

Quebec, which operates its own cap-and-trade carbon pricing system, bucked the national trend with gasoline prices rising 1.9 cents per litre on Tuesday.

Carney signed the order eliminating the tax on his first day in office, fulfilling a long-standing Conservative campaign promise. The Canadian Fuels Association projects a 20 cents per litre reduction in gasoline prices, potentially saving consumers more than C$500 annually.

Market analysts expect diesel prices to decrease by more than 20 cents per litre, which could benefit the broader economy by lowering costs for transportation, agriculture, and other sectors.

The final carbon tax rebate payments will begin April 22 for taxpayers who file their 2024 returns before Wednesday. Later filers will receive rebates after their returns are assessed.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Wilkinson Calls Moe’s Move Irresponsible, But NDP Says It Will Back Conservative Motion on Federal Carbon Tax

Canada’s energy minister has criticized the province of Saskatchewan for its decision not to collect...

Saturday, November 4, 2023, 07:07:00 AM

“He’s Mildly Sensitive”: Biden Says About Chevron CEO For Calling Out The White House On “Vilifying” Oil Industry

Speaking at a briefing on Tuesday, President Joe Biden commented on the letter from Chevron...

Thursday, June 23, 2022, 03:40:00 PM

Jagmeet Singh Unveils NDP Plan to Break Away from Carbon Tax

NDP Leader Jagmeet Singh has indicated that his party is preparing to oppose the current...

Thursday, September 12, 2024, 01:15:00 PM

Moe Gives Trudeau Ultimatum: No Carbon Tax From Saskatchewan If Ottawa Doesn’t Extend Home Heating Oil Exemption To All Canadians

Saskatchewan Premier Scott Moe has issued a firm ultimatum to Ottawa, stating that his province...

Tuesday, October 31, 2023, 11:12:37 AM

New Study Shows Carbon Pricing Raises Food Prices, Hits Low-Income Canadians Hardest

A study from Dalhousie University and Canadian research institutions finds that while Canada’s carbon pricing...

Sunday, November 17, 2024, 11:21:00 AM