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Will Canada Day weekend gas price drop have staying power? – Toronto Sun

Published

2 years ago

July 3, 2022

Harry Miller

“It’s just a ploy. They’re just going to get us to buy more gas to get everyone to fill up”: skeptical driver

Publishing date:

Jul 02, 2022 • 1 day ago • 2 minute read • 12 Comments

Natalie Hollinshead puts only $20 into her minivan at the Pioneer station at Main St. and Gerrard St. E. just before the long weekend on Thursday, June 30, 2022, after learning of the Ontario tax cut that would see a drop of six cents per litre on Canada Day followed by an additional five cents a litre the following day. Photo by Jack Boland /Toronto Sun/Postmedia Network

An energy analyst believes gas companies will pass along the savings at the pumps as Ontarians take advantage of the first weekend of the cut in the provincial gas tax.

“The decrease is passed on,” said Dan McTeague, president of Canadians for Affordable Energy, adding the savings will not end up in the energy companies’ profits.

“Hell no. They can’t, don’t and won’t. They know they can’t because there are folks like me out there who will call them offside very quickly.”

Prices across the GTA were forecast to fall by 11 cents per litre on Friday.

Another decline – of a further 6 cents per litre – was forecast for Saturday.

Part of the decline is due to a 5.7 cent per litre cut in the provinces gas tax from July 1 to Dec. 31.

McTeague also said the savings – combined with a cut to diesel taxes – could ripple beyond what people see at the pumps.

“A drop in transport costs could alleviate the cost at the grocery checkout and most everything we consume in this province,” he said.

A tanker operator drops 24,000 litres from his truck into the tanks at the Pioneer station at Main St. and Gerrard St. E., on Thursday, June 30, 2022, just before the Canada Day long weekend when Ontario tax cuts would see the price drop six cents per litre with an additional five cents the following day. Photo by Jack Boland /Toronto Sun/Postmedia Network

Premier Doug Ford has challenged the federal government to follow suit with a cut to the federal gas tax.

On Thursday, Finance Minister Chrystia Freeland did not answer if Ottawa would follow Ford’s lead.

She reiterated how a price on carbon will help Canada make a switch to a greener economy.

At the pumps, there were smiles about the lower prices but also skepticism about whether they will last.

Gas prices at stations like this Pioneer at Main St. and Gerrard St. E. dropped by six cents per litre on Canada Day, July 1, 2022, with an additional five cents the following day thanks to Ontario tax cuts. Jack Boland Photo by Jack Boland /Toronto Sun/Postmedia Network

“It’s great. Everything has been so up in the air with inflation. And the prices have increased so much that I don’t know that that small cut is going to impact all the things it needs to unfortunately,” said Natalie Hollinshead.

“I don’t know how we’re surviving,” said Kim Hayward, as she partially filled her tank. “It’s just a ploy. They’re just going to get us to buy more gas to get everyone to fill up and their going to jump it up again.”

“I had no idea it was going to drop that much,” said Derek Ladouceur, as he filled his new pickup truck. “Usually it goes up – not down – on long weekends. That’s hilarious.”

McTeague said the relatively lower prices could stick around, “but don’t be surprised if there’s a sudden uptick by the end of next week.”

He also said given the level of inflation, Ottawa should consider a cut to the HST on gas.

“The provincial government can do all it wants, but if the federal government isn’t going to get involved, the effect is muted” McTeague said. “There is only so much the provinces can do.”

slaurie@postmedia.com

On Twitter: @_ScottLaurie

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

19 hours ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

19 hours ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

19 hours ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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