Gas Prices Drop Across Canada in November 2026: Will It Last?

Quick answer: Gas prices are falling across Canada this week. The CAA national average was 168.9 cents a litre on November 4, 2026. That is the lowest in the past month. Analysts expect another drop by Friday, but they warn prices can jump back fast.

Key takeaways

• The CAA national average hit 168.9 cents a litre on November 4, down from 178.0 cents a month ago.
• Toronto area gas fell 11 cents a litre overnight on November 4.
• Montreal saw drops of up to 16 cents a litre the same day.
• Newfoundland and Labrador cut its maximum gas price by 10.7 cents a litre.
• Gas is still far above last year. The CAA year ago average was 132.2 cents.

Top photo: Ultramar station in Kingston, Ontario. Mariusz S. Cybulski / Wikimedia Commons, CC BY-SA 4.0

How Much Gas Prices Dropped Across Canada in November 2026

CAA tracks the national average price of regular gas every day. On November 4, 2026, it was 168.9 cents a litre. The day before, it was 170.3 cents. A week earlier, it was 172.3 cents.

A month ago, the average sat at 178.0 cents. The high for the past month was 180.5 cents on October 9. So drivers are paying close to 12 cents a litre less than at the October peak.

For a 50 litre tank, a 10 cent drop saves you about $5 per fill.

Gas Prices in Toronto, Montreal and Newfoundland This Week

The drop was not the same everywhere. Here is what local reports showed on November 4.

• Toronto area: Gas fell 11 cents a litre overnight, CP24 reported.
• Montreal: Prices dropped by as much as 16 cents a litre, CityNews Montreal reported. Some stations went as low as 178.9 cents. Before the drop, many charged up to 194.9 cents.
• Newfoundland and Labrador: The Public Utilities Board cut the maximum gas price by 10.7 cents a litre, CBC News reported. Diesel fell 8.4 cents on the island.

Our Quebec gas prices guide explains how prices work there.

Why Gas Prices Are Falling Right Now in Canada

Crude oil prices fell more than $10 a barrel over the past week, CityNews Montreal reported. Analyst Dan McTeague told CP24 that markets show "some optimism" about shipping in the Strait of Hormuz.

He also said warmer than normal weather has eased demand for diesel. Less demand can help pump prices.

Will Gas Prices Keep Dropping This Week

This part is a forecast, not a fact. Treat it as an estimate.

On the evening of November 4, McTeague told CP24 that gas could fall another 9 cents a litre on Friday in the Toronto area. That would bring it to about 159.9 cents a litre. He said diesel could drop 14 cents to about 234.9 cents a litre. He said oil and fuel prices traded lower after the U.S. midterm elections.

Forecasts can change in a day. In a separate interview with the Toronto Sun, McTeague warned that a quick bounce of about 2 cents was possible, since futures markets react to headlines. Montreal analysts also said forecasts remain volatile, CityNews reported.

So the best advice is simple. If your tank is low and prices fell near you, fill up now.

Why Gas Still Costs More Than Last Year

Prices are lower than in October, but not cheap. The CAA year ago average was 132.2 cents a litre. That is almost 37 cents below today.

Statistics Canada says gasoline prices in September 2026 were 27.8% higher than a year earlier. It also says the switch to the cheaper winter blend softened the rise. Gas was the biggest reason inflation rose to 3.1% in September.

Tips to Save on Gas This Winter in Canada

Small habits add up. CAA shares these tips.

• Accelerate smoothly. Take about five seconds to reach 20 km/h from a stop.
• Slow down. Lower highway speeds and cruise control save fuel.
• Combine trips. Plan errands into one loop.
• Keep up maintenance. CAA says a poorly kept car can use up to 25% more fuel.
• Fill up in the evening. Canadians for Affordable Energy suggests buying gas after 6 p.m., when prices are often lower.

Want to know what you spend now? Use our guide to fuel cost per 100 km in Canada. Shopping for a car? See the lowest fuel consumption cars in Canada for 2026.

FAQ

What is the average gas price in Canada today?

CAA put the national average at 168.9 cents a litre on November 4, 2026. That was the lowest price in the past month.

Why did gas prices drop in Canada this week?

Crude oil fell more than $10 a barrel over the past week. Analysts also point to hopes for smoother shipping in the Strait of Hormuz.

Will gas prices go down more this week?

Analyst Dan McTeague estimated another 9 cent drop on Friday in the Toronto area, to about 159.9 cents a litre. This is only a forecast and prices can rise again fast.

Why is gas more expensive than last year?

CAA's year ago average was 132.2 cents a litre. Statistics Canada says gasoline in September 2026 cost 27.8% more than a year before.

When is the best time to buy gas?

Fill up soon after a drop is announced. Canadians for Affordable Energy also suggests buying after 6 p.m., when prices are often lower.