Canada Gas Prices Fell 9% — June 2026 Report

Canadian pump prices are in full retreat. As of June 10, 2026, the average price of regular across the 78 Costco gas bars we track in Canada is 160.8¢ a litre — down 16.0¢, or 9.0%, from 176.8¢ a month ago. Premium is down 16.7¢ and diesel 18.3¢ over the same window, and the decline is unanimous: every one of the 78 gas bars with a month of history is cheaper today than it was in mid-May. The same slide is under way south of the border — our June 2026 U.S. report has regular down 10% — but the bigger picture holds in both countries: prices remain far above where they sat a year ago.

National averages of posted prices at tracked Costco gas bars in Canada, ¢/L. Snapshot taken June 10, 2026 — this article is not updated.

A four-week slide from the May peak

The national average climbed into mid-May, peaking at 181.1¢ on May 15 and holding near 180¢ through the Victoria Day long weekend. Then it broke: a 3.7¢ drop on May 22 opened the slide, a 3.8¢ drop on May 29 was the steepest day of the month, and by June 3 the average had fallen below 161¢. After a pause near 162¢ in the first week of June, prices set a fresh low on June 9. From the May 15 peak the average is down 20.3¢ — an 11% drop in under four weeks.

The Prairies are leading the drop

Every tracked province fell, but the middle of the country fell hardest. Manitoba's Costco average plunged 23.7¢ a litre — 14% in one month — and Saskatchewan was right behind at −21.7¢. The single biggest station move in Canada was W Edmonton, down 26¢ to 137.9¢ — now the cheapest Costco pump in the country — while Regina and both Winnipeg gas bars cut 25¢ each.

Biggest 30-day fallers by province-average price of regular at Costco, May 12 – June 10, 2026.

Every province, ranked by today's Costco average

Even after a month of declines, the spread across the country is striking: 32.6¢ a litreseparates Manitoba's 145.6¢ average from British Columbia's 178.2¢ — and at the station level, W Edmonton's 137.9¢ sits a full 62¢ below Langley, B.C., where regular still costs 199.9¢.

Province-average price of regular across tracked Costco gas bars, June 10, 2026, cheapest first. Newfoundland and Labrador has a single gas bar (St. John's). Costco has no fuel stations in Nova Scotia or P.E.I.

Why prices are falling — and why they're still high

Canada's pump prices this spring have been a war story. When the United States and Israel went to war with Iran at the end of February and the Strait of Hormuz — the channel for roughly a fifth of the world's oil — was effectively closed, the national average jumped from about $1.26 a litre pre-war to a 12-month high of 190.4¢ on May 6, per CAA. Even after a month of declines, CAA's national average sits about 37¢ — 28% — above this time last year, and Statistics Canada's April CPI put gasoline up 28.6% year over year. June's relief is a war premium deflating, not a return to normal — the same unwind running through our UK and Australia reports, where diesel fell far faster than petrol.

The deflating began in late May, when Israel and Iran halted attacks and a U.S.–Iran deal started to look possible: crude slid for three weeks, and WTI settled at a seven-week low on June 9. The coordinated release of 400 million barrels of emergency reserves agreed by IEA members in March kept supply flowing, and the usual demand lull after the Victoria Day long weekend did the rest — Canadian pump prices peaked within days of the holiday and have fallen since.

There is also a 10-cent thumb on the scale that is easy to forget: Ottawa's fuel-tax holiday. On April 14 the federal government suspended the 10¢/L federal excise tax on gasoline (4¢/L on diesel) from April 20 through September 7, 2026 — relief Ottawa values at more than $2.4 billion. Today's 160.8¢ Costco average is what pumps look like with that tax gone; on a like-for-like tax basis the underlying market price is closer to 171¢, and the full rate snaps back on September 8.

Why did the Prairies fall hardest? Because, as En-Pro's Roger McKnight puts it, the Canadian pump price is "not made in Canada" — each region tracks a U.S. wholesale rack: the Prairies price off Minneapolis, Toronto off Rochester, Montréal off Albany, Vancouver off Seattle. Our U.S. report found the American Midwest fell hardest as a spring refinery squeeze unwound — and the Prairies import exactly that move. GasBuddy's Patrick De Haan made the same point about Ontario: the resolution of Great Lakes refinery problems is why it is "seeing more relief than what we're seeing nationally." A roughly 1% slide in the loonie — 1.38 to 1.39 per U.S. dollar between late May and June 9 — clawed a little of the relief back, since crude is priced in U.S. dollars.

How Costco compares across the country

Costco's national average of 160.8¢ sits 8.5¢ below CAA's 169.3¢all-station average for the same day — and unlike in the U.S., where Costco's footprint skews to expensive coastal states, the gap here is straightforward club pricing. Put it city by city against Kalibrate's June 10 pump survey and the discount widens:

Kalibrate city averages versus the posted Costco price at a gas bar in or near each city, both June 10, 2026. The Vancouver row compares a suburban Costco with the City of Vancouver average, so part of that gap is location.

Will gas prices keep falling?

Canada's forecasters spent May warning in the other direction, and they have not stood down. Dan McTeague of Canadians for Affordable Energy says that as long as the strait stays blocked, prices could go "well above $2 a litre, perhaps challenging the $2.15" GTA record from 2022. De Haan calls this summer potentially "one of the most expensive summers that we've ever seen" and says the June dip's durability is "100 per cent contingent" on the U.S.–Iran talks. En-Pro's McKnight had $2 a litre pencilled in for the summer even before the latest escalation, and supply hawks — Exxon warned in late May of "unheard of" inventory draws — see crude risk skewed up while the strait is shut. The optimistic branch runs through reopening: the EIA's June outlook assumes Hormuz shipping resumes in the third quarter, which would pull the U.S. wholesale racks — and with them Canadian pumps — sharply lower.

Two Canadian dates matter regardless of the war. July 1: Alberta reviews its fuel tax quarterly against oil prices, and after a quarter of war-inflated crude the province's 13¢/L tax could shrink or be suspended at the next adjustment — the government declined to move early, so any relief lands with the review. September 8: the federal excise holiday ends, putting 10¢/L back on every fill-up in the country unless Ottawa extends it. And British Columbia is its own case: Vancouver touched 224.9¢ in early May — its highest since the 2022 record, which Kalibrate notes would already have fallen were the carbon tax still in place — and with Seattle-linked supply tight, analysts expect the Lower Mainland to stay above $2 a litrefor much of the summer. Costco's B.C. average of 178.2¢ is the highest we track, which also makes the club discount biggest there.

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Costco pump prices are a snapshot observed June 10, 2026 and will differ at the pump today. This site is independent and not affiliated with Costco Wholesale Corporation.