Gas prices in Canada fall, with double-digit drop in Vancouver – MASHAHER

Gas prices dropped an average of 5.2 cents per litre across Canada over the past week, according to pump data from nearly 80 cities. Sarnia, Ont. and Vancouver saw the largest double-digit drops.

The deepening discount for drivers came as OPEC+ members attempt to shore up crude prices by signalling intentions to start adding supply to the market in October. According to En-Pro International’s chief petroleum analyst, they’ve been beaten to the punch by nations including Canada.

“What OPEC forgot, or chose to ignore, is that they are not the only poker players in the crude oil business. Their cutback in production widened the door opening for an increase in production from non-OPEC members, namely the U.S., Canada, Brazil and Guyana,” Roger McKnight wrote in a blog post on Thursday. “Higher production will lower prices of gasoline and diesel.”

According to data firm Kalibrate, the average cost per litre of regular fuel in cities nationwide fell from $1.685 to $1.633 between May 30 and June 6. Discounts were widespread across the country, with Yellowknife the only market to see a small price increase.

On Thursday, Canada’s largest oil and gas producers faced Canadian lawmakers in a House of Commons committee hearing to defend the industry’s profits and spell out plans to reduce emissions.

Separately, gas and convenience giant Alimentation Couche-Tard has announced a new plan to let consumers buy unsold food from its stores via an app-based marketplace.

Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.

(All figures in CAD cents)

SOURCE: KALIBRATE • All figures in CAD cents

Story continues

(*) Denotes markets used in Volume Weighted Canada Average

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

Download the Yahoo Finance app, available for Apple and Android.