Pump Price Breakdown
For Toronto/London/GTA
14.7 Provincial Consumption Tax
10.0 Federal Excise Tax
28.8 Base price according to NYMEX
5.0 Mark up above NYMEX ***
This gives us a rack price of 58.8
58.8 Rack Price
12.0 Retail Profit Margin
This makes the price 70.5 before GST
75.5 with GST applied. This is what we pay****
***This mark up is indicitive of pure gouging by Imperial Oil who set the price for gasoline in the GTA.
****Many have suggested that the Federal Government should eliminate the GST from gasoline as it is a tax on tax. Included in the Federal Excise Tax is 5 cents GST. This means we are even being gouged by our own Government.
The numerical figures above are expressed in cents per litre
