#JustCurious What goes into the price of a litre of gasoline?
#JustCurious What goes into the price of a litre of gasoline?
The price of regular gas has risen some 30 cents per litre since May. In Regina, as of this article/video, regular gasoline is selling for $2.06.9 per litre. Across Canada, prices have risen to all-time highs. A number of our viewers were #JustCurious about what goes into setting that price.
Experts say there are a number of factors that play into the price tag that you see on the marquee. The price of oil, unsurprisingly, is a big one. Russia’s war in Ukraine has pushed global benchmarks to over $100 per barrel. Russia is the world’s third-largest producer of oil, making up 11 per cent of the global share.
Beyond the price of oil, there’s a refining margin, which is the cost to refine, store and deliver. The retail margin is then tacked on so that stations profit off of the sale. Finally, and not shockingly, there’s federal, provincial and in some cases, regional taxes.
Experts say the retail margin is relatively flat, around 10 cents per litre in most places where there is competition. At the end of the day, it’s good ole’ fashion supply and demand.
What has been overlooked in some cases and certainly not by our producers, is the price of diesel. Experts say part of the increase you’re seeing in the cost of a litre of diesel is a shortage of feedstock which is the raw material used by refineries in processing the product. Russia is a major source of feedstock. As of June 6th, 2022, a litre of diesel is around $2.09.9.
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