There is little relief from pain at the pumps these days, especially as the price of diesel has nearly doubled in the last year.
Diesel is now averaging $2.29 per litre across Canada, and is even more expensive than premium gasoline. In the last month alone, a litre of diesel has climbed by 35 cents.
Some are stuck having to grin and bear it, like Peter Ruiter, a dairy farmer from Ottawa, who relies on diesel to power his farm equipment.
“The reality is I can’t go till these fields by hand — there’s just too many acres to do,” he said.
Rising fuel prices are another blow to consumers struggling with the escalating cost of living, as inflation hit a level in March that hasn’t been seen in decades.
And the sky-high cost of diesel means the transportation of goods has become more costly, as diesel — which is typically more efficient and economical — powers the trucks, the trains and some of the ships our supply chains rely on.
The Russian invasion of Ukraine has sparked a sharp rise in commodity prices, including crude oil. Many countries have introduced sanctions on Russia, which is a major exporter of oil and natural gas. At the same time, demand for fuel is climbing as economic activity picks up around the world.
“There’s been a diesel shortage globally, meaning that inventories are [at an] all-time low. I’ve never seen such low inventories,” Vijay Muralidharan, a senior consultant at Kalibrate, an analytics firm that tracks fuel prices.
Another part of the reason diesel prices have soared across North America is because of record exports from the U.S. Gulf Coast. The majority of the fuel is destined for South America, where countries are burning diesel for electricity as the hydropower supply falls during the Southern Hemisphere’s winter season.
There is an increased reliance on diesel in some of those countries this year, said Muralidharan, because of reduced supplies of natural gas.
Diesel prices are at currently at record highs in many parts of the world, including Canada. (CBC)
It also comes at a time when more and more families are needing assistance, said Emily-anne King, co-executive director of Backpack Buddies, an organization that supplies food to more than 4,000 children in British Columbia.
“It’s really alarming for us to see these price increases,” said King. “Not delivering is simply not an option.… We’ve made these commitments and we will continue to find ways to get there and be there for the families and kids that we support.”
The organization itself is feeling the pinch of sky-high diesel prices, as costs are rising to deliver food throughout the province to families that are struggling to make ends meet.
“These last couple of weeks, we have felt more pressure and received more calls from communities and individuals that are needing support,” she said. “And it just isn’t slowing down.”
ST. JOHN’S, N.L. – Suncor Energy has been fined $90,000 after pleading guilty to two charges stemming from a worker injury in 2019 aboard its production vessel in an oilfield off the coast of Newfoundland.
In a news release Thursday, the province’s offshore oil regular said the company must also give $20,000 to the College of the North Atlantic’s health and safety management program.
The Canada-Newfoundland and Labrador Offshore Petroleum Board says Calgary-based Suncor pleaded guilty on Sept. 5 for failing to ensure the safety of its employees and failing to ensure its employees wore a safety harness attached to a lifeline while inside a confined space.
The board says a worker fell 7.6 metres from a safety ladder while testing for hydrogen sulfide in a ballast tank on the floating production and storage vessel in the Terra Nova offshore oilfield.
An agreed statement of facts says two emergency response workers then went into the tank to tend to the fallen man, and they were not wearing gas masks.
Suncor Energy is the majority owner of the Terra Nova oilfield, and it reported net earnings of $1.57 billion in the second quarter of this year.
This report by The Canadian Press was first published Sept. 17, 2024.
Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.
TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.
The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.
Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.
Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.
TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.
The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.
Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.
A strategic review is often seen by investors as a prelude to a sale by a company.
Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.
Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.
This report by The Canadian Press was first published Sept. 26, 2024.
