Gas jumps 10 cents across the Okanagan

Regular gas increased about 10 cents on Wednesday right across the Okanagan

If you thought we got lucky on the long weekend by avoiding the price gouge at the pump, it turns out the hike just was a few days after the nation’s birthday party.

Residents across the Okanagan woke up to a 10 cent price increase for regular gasoline, Wednesday morning.

On Tuesday regular gas was sitting at about $1.35 up and down the valley except for the Shuswap where the price has fluctuated above $1.40 for a few weeks — now the pump price is about $147.9.

However Dan McTeague of the popular GasBuddy website isn’t blaming the long weekend for the price rise, instead noting it’s usually due to operating margins in many cases as gas stations will hold their prices — sometimes below cost — until a competitor breaks the trend, and then everyone matches that new price.

RELATED: Liberals slam NDP for price hikes at gas pumps

During Premier John Horgan’s media availability at the BC Legislature, he was asked about the overnight increase to gasoline prices in some markets, including the Lower Mainland which also saw a spike in price this morning.

While the BC Liberal Party took the opportunity to slam Horgan over the recent gas tax with Andrew Wilkinson saying the government “should be reducing costs for drivers”, McTeague took it one step further calling Horgan’s answer “clueless”, before pointing out that Wednesday’s spike was more due in part to the price of oil rising nine dollars in the past 10 days.

According to McTeague, the price of crude oil is picking back up and the West Texas Intermedia (WTI) is reaching over the $74.50 level.

The rise in oil can be attributed to a constrained supply in Libya and the outage at the oil-sands facility in Fort McMurray last month that is rumoured to remain offline until the end of July.

RELATED: Suncor refinery restart to ease B.C. gas station fuel outages

McTeague also Tweeted earlier in the day the that the price jump at the pump is ‘reflecting a restoration of lost retail operating margins’.

According to McTeague wholesale price for gasoline in the Okanagan is $1.35 a litre, but ‘gasbars have no choice but to raise (the price) unless they can cross subsidize and recoup with in-store purchases’.

RELATED: Gas prices expected to rise on Vancouver Island

The Gas Buddy author also Tweeted there is a possibility of a 2 cent drop happening on Thursday.

So, maybe hold off fuelling up till tomorrow if you can.


@Jen_zee
jen.zielinski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Coldstream supports Okanagan College Campus residence project

Project would see a 100-bed residence on the Vernon campus in Coldstream

Dog control ramping up on Okanagan Rail Trail

RDNO taking extra precautions to ensure dogs remain on leash

Vernon show supports youth mental health, suicide prevention

Robb Nash will be performing Oct. 2 and 3 at the Vernon and District Performing Arts Centre

Vernon preps for cannabis legalization

Vernon council tweaking zoning bylaws for non-medical cannabis uses, and cannabis cultivation

Vernon athletes boost WolfPack

Canada West sports roundup

VIDEO: Rare close encounter with whale pod spotted off B.C. waters

Pod of southern resident orca whales breach within arms length of whale watchers

Rattie scores 3 as Oilers blank Canucks 6-0

Vancouver slips to 1-5 in exhibition play

Veterans Affairs ordered to take second look before supporting vets’ relatives

Liberal government ordered officials to adopt a more critical eye

Dead B.C. motorcyclist was member of group that raced down mountain road

Some group members record their rides on Strathcona Parkway and post times to page

Indigenous athletes in spotlight at BC Sports Hall of Fame

New gallery to feature Carey Price, Kaila Mussel and Richard Peter

Vernon Emergency program and Salvation Army team up

Vernon Emergency teams have extended appreciation to the Salvation Army of Vernon… Continue reading

Okanagan College student population climbs

Enrolment up nearly 14 per cent

B.C. couple who went missing on flight from Edmonton named by family

Family released a statement Wednesday saying they’re still intent on finding the two-seater plane

Headbones Gallery welcomes work of Glenn Clarke

Giddieeyup on display Oct. 5 to Nov. 24

Most Read