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Toronto-Dominion Bank
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Globe says Scotiabank warns on higher energy prices

2026-04-20 07:04 ET - In the News

See In the News (C-BNS) Bank of Nova Scotia

The Globe and Mail reports in its Saturday edition that a federal tax break on diesel fuel is welcome news, but officials caution it will not offset the price increases caused by the Iran war. The Globe's Jeffrey Jones writes that Ottawa has suspended gasoline excise taxes. Diesel prices, however, have risen significantly since the war began, impacting truckers, railways and farmers. Many truckers have added extra fuel charges. Ottawa said last week it would suspend taxes of 10 cents a litre on gasoline, and four cents on diesel and aviation fuel from April 20 through Sept. 7. Canadian diesel prices have climbed as much as 43 per cent from before the Iran war, spiking to a recent national average high of $2.43 a litre from $1.70 in late February, according to Natural Resources Canada. It averaged $2.17 on Thursday. The Canadian Fuels Assoc. says the cut amounts to a fraction of the price, calling it a far cry from "where we were at the start of the conflict." Canada consumes about 80 million litres of diesel fuel a day, compared with 118 million litres of gasoline. Scotiabank Economics warns that higher energy prices impose rising costs for essential items borne disproportionately by lower-income households.

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