Red Deer had the cheapest gas prices in Alberta on Friday, according to GasBuddy.
The average price for regular unleaded gasoline in Red Deer was 118.9 cents per litre compared to an average of 125.4 last month, and 134.9 last year.
Fort McMurray and Strathmore had the highest prices on Friday at 135.9. Grande Prairie and White Court were close behind at 134.4.
Elsewhere in central Alberta, Lacombe had the second lowest price, although it was also at an average of 118.9 cents per litre. Rocky Mountain House was at 121.9, Olds was at 123.9, Sylvan Lake was at 124.9, and Ponoka was at 128.9.
Gas prices in Calgary averaged 129.4, and in Edmonton it was 126.7. The average price in Alberta was 128.1.
Related:
Motorists in Red Deer see no fuel price drop in New Year
As of Jan. 1, the Alberta government stopped collecting the 13 cent provincial fuel tax to reduce the cost of fuel for Alberta drivers. However lower prices did not immediately appear at the pumps and Albertans wanted an explanation.
The province says the tax holiday will last until June.
Related:
Albertans will start to save more on fuel in new year
Meanwhile, oil companies have pulled in record profits.
In January, the Calgary-based company Imperial Oil Ltd. reported full-year earnings of $7.34 billion, the highest in the company’s history, thanks to strong commodity prices in 2022.
It also delivered record shareholder returns, driven by a 63 per cent increase to its dividend and more than $6 billion in share buybacks.
Global energy giant Shell, the latest oil company to report bumper profits, said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia’s invasion of Ukraine.
On Friday the average price of gas in Canada was 149.7 cents per litre. The average price nationally last month was 146.7 and it was 150.7 last year.
— with files from The Canadian Press and The Associated Press.
szielinski@reddeeradvocate.com
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