US-Iran Ceasefire Lowers Fuel Prices in Canada and France
Fuel prices in Ontario, Newfoundland and Labrador, and France are dropping following a fragile ceasefire agreement between the United States and Iran.
A fragile two-week ceasefire agreement between the United States and Iran has triggered a decline in global oil markets, leading to fuel price reductions across Canada and France. In Ontario, gasoline and diesel prices were expected to drop by 13 and 28 cents per litre, respectively, starting April 11, 2026. The Public Utilities Board of Newfoundland and Labrador implemented a 13.5 cent per litre reduction for gasoline on April 10, bringing costs under $2 per litre in much of the province. Similarly, France expected petrol and diesel prices to decrease by at least 10 cents per litre starting April 11.
Despite these immediate drops, officials warn of continued market volatility. U.S. Vice-President JD Vance described the deal as fragile, and Israeli attacks against Hezbollah in Lebanon have complicated the agreement. While the U.S. and Iran are scheduled to begin negotiations in Pakistan on Saturday, crude oil prices rose back above $100 per barrel on Thursday, and diesel costs at the Rotterdam port fluctuated.
In France, Trade Minister Serge Papin indicated that high-volume stations would reflect price drops first, with smaller stations potentially lagging until Sunday or Monday. The French government is monitoring stations to ensure reductions are passed to consumers. In Canada, Dan McTeague warned that long-term prices will remain elevated due to physical damage to oil and gas infrastructure in Iran and neighboring Gulf states.
