The average gas price in Canada has dropped from about $1.40/Litre to just around $1.00/Litre. In fact, it is predicted that gas prices in Toronto will be around 85 cents by the time you read this (assuming you read it on November 4th!). Below is a chart which shows the gas price history for the last five years - note that it also includes the average price of gas in the United States adjusted to our more familiar cost per litre, and further adjusted for currency. (In other words, you can see what the average American is paying for fuel in Canadian dollars per litre.)
What you’ll see is that Americans (on average) are paying about 63 cents per litre right now, which is about 25% less than what we are currently paying. One major factor is the amount of tax collected at the pump level. Canadians pay about 33% in combined taxes on average on the price of fuel, and Americans pay about 11%.
Breakdown of Fuel Taxes in Canada
Breakdown of Fuel Taxes in United States
(You can click on the graph below to enlarge it)
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