UPDATE: Big jump in Kelowna gas prices; Kamloops, Vernon, Penticton likely to follow | iNFOnews | Thompson-Okanagan's News Source

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UPDATE: Big jump in Kelowna gas prices; Kamloops, Vernon, Penticton likely to follow

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Original Publication Date February 05, 2021 - 8:21 AM

It appears gas prices are about to take a leap in Kamloops and the Okanagan, if the Kelowna market is any indication.

The price for a litre of regular fuel is on the way up in Kelowna today, Feb. 5, with most gas stations reporting prices as high as 127.9 per litre, according to GasBuddy.com.

Prices in other markets were more or less holding this afternoon, with one gas station in Kamloops and one in Vernon up to 126.9, from 115.9 to 119.9 yesterday. Two gas stations in Penticton have raised their prices to 126.9 as of noon from 116.9 to 117.9 yesterday.

Canadians For Affordable Energy Dan McTeague says if you can find fuel at 115.9 to 119.9 today, better fill up.

“Gas prices are heating up everywhere. We’re definitely coming out of the COVID-19 blahs as prices are reflecting slightly higher demand world wide,” McTeague says.

Gas stations have been holding back on price increases as the wholesale price has risen by 17 cents in the past couple of weeks.

“Most gas stations are paying $1.15 for a litre of regular fuel today. That’s creating a very narrow margin for retailers,” McTeague says.

The price of a barrel of oil has also been rising, trading at $57 today compared to $51.10 days ago.

“It doesn’t matter where you are. I would expect to see a five to seven cent a litre increase in Kamloops and the Okanagan over the next couple of days. Any price movement is strictly related to retail margin,” McTeague says.

— This story was updated at 1:13 p.m. Friday, Feb. 5, 2021 with new information from Dan McTeague. 

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