The federal government’s decision to pause excise taxes on gasoline and diesel took effect this Monday. This tax holiday will reduce prices by up to $0.10 per litre for gasoline and $0.04 per litre for diesel—an effort that comes at a significant cost of approximately $2.4 billion to taxpayers.

As of Monday, average gas prices across Canada stood at $1.69 per litre, a stark contrast to last year’s price of $1.31 per litre. Just last week, prices were even higher at an average of $1.74 per litre. In Newfoundland and Labrador, gasoline prices saw a decrease of 11.5 cents per litre, while diesel dropped by 4.6 cents.

This suspension is not merely a domestic issue; it is largely influenced by the ongoing U.S.-Iran war, which has caused ripples in global oil markets. The Strait of Hormuz—a crucial chokepoint—accounts for nearly 20 percent of all oil trade worldwide.

In light of these developments, Carney remarked that the tax holiday would mean reduced fuel prices on gas by up to $0.28 per litre when considering other factors at play.

Conservative Leader Pierre Poilievre had previously urged the government to lift the fuel excise tax, indicating political pressure surrounding this issue.

Propane and furnace oil remain exempt from this tax suspension, leaving some consumers still vulnerable to high energy costs.

As Canadians navigate these fluctuating prices, the broader implications for the economy remain to be seen—especially given the significant budgetary impact on government finances.

The situation continues to evolve as global tensions affect local realities; details remain unconfirmed regarding future adjustments or additional measures by the government.

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On April 6, 2026, a large-scale Ukrainian drone attack resulted in a fire at the Novorossiisk terminal, marking a pivotal moment in the ongoing hostilities. This strike is part of a broader strategy by the Ukrainian army, which has targeted several Russian oil terminals along the Baltic and Black Sea coasts. The implications of these attacks are profound, as they threaten to disrupt not only Russia’s oil exports but also the stability of global energy markets.

In the weeks leading up to the attack, Ukrainian strikes had already begun to impact Russia’s maritime oil exports, which had fallen to their lowest levels in two months by late March 2026. Reports indicated that oil exports dropped by 43% during the week of March 22 to March 29, falling to 2.318 million barrels per day from 4.072 million barrels per day the week prior. Such a drastic reduction in exports is indicative of the effectiveness of Ukraine’s military strategy, aimed at crippling Russia’s energy revenues.

Only 22 oil tankers were chartered during the week of the Ukrainian strikes, a stark decrease of 15 compared to the previous week. This decline in tanker activity underscores the growing uncertainty in the oil market, as traders and analysts grapple with the potential for further disruptions. The situation is compounded by the closure of the Strait of Hormuz, which has raised alarms about a possible energy crisis that could rival the oil shocks of the 1970s.

The wider picture

Experts are sounding the alarm over the current crisis, with Fatih Birol, the head of the International Energy Agency, stating, “The world is facing the greatest threat to global energy security in history.” This sentiment is echoed by Lars Jensen, who warns that the current crisis could be more severe than the oil shocks of the 1970s, a period marked by significant upheaval in global oil supply and prices.

As the situation unfolds, officials and observers are closely monitoring the developments. Thierry Breton, a European Commissioner, noted that while the Strait of Hormuz is not universally closed, diplomatic efforts are being established around Iran, suggesting that geopolitical maneuvers will play a crucial role in shaping the future of energy security. The implications of the Novorossiisk attack extend beyond immediate military concerns, as they could lead to long-lasting changes in the global energy landscape.

The latest strike against infrastructure essential to Moscow’s energy revenues has not only intensified the conflict but has also raised questions about the sustainability of Russia’s oil exports in the face of ongoing military pressure. As the world watches, the unfolding events at the Novorossiisk terminal may very well redefine the contours of energy security and geopolitical relations in the coming months.

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