Gas prices in the Kenora area have dipped to $1.31 a litre, down seven cents from $1.38 in July, but still well above prices in neighbouring Manitoba.
Winnipeg drivers can pay 90 cents a litre this week, which is a big gap of 48 cents a litre in Dryden, where the pump still said $1.38 this week.
Esso, where the price in Manitoba was close to half the average cost in Dryden, says their price at the pump depends on:
- refining, and
- crude oil costs.
The company's web site notes crude oil is one of a number of globally traded commodities like gold, corn, coffee and many others.
"The prices of such commodities are set in worldwide markets comprised of millions of buyers and sellers reacting to economic fundamentals for each commodity," it says.
Since early October, the price of a barrel of West Texas crude has dropped by about a third -- or $25.40 (US) -- from $76.90 (US) a barrel on Oct. 3 to $51.50 (US) on November 26.
During the same time period, Queen's Park has also dropped five cents a litre from the price of gas, as the government ended the cap and trade program. Energy Minister Greg Rickford has said they want to find savings of another five cents a litre.
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