Kamloops Costco cheapest gas in B.C., but don't expect it to last | iNFOnews | Thompson-Okanagan's News Source

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Kamloops Costco cheapest gas in B.C., but don't expect it to last

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B.C. drivers might want to stick to short trips because gas prices are expected to go up even more.

For now, Gasbuddy.com lists Kamloops Costco as the lowest price at the pump across B.C., which is $1.79.9 per litre. As demand from drivers goes up in the next few days, even Costco prices might not keep those prices below $2.

"There's a severe imbalance of supply and demand for crude oil and refined products," En-Pro International chief petroleum analyst, Roger McKnight, said. "It's scary."

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While it's difficult to determine just how high prices could get, or how long it could last, he said the North American supply is going to have a tough time keeping up with post-pandemic demand.

Other than Costco, Gasbuddy.com shows gas is as up to $1.84.9 for most of Kamloops. In the Okanagan, Vernon is just above with most pumps costing drivers between $1.84.9 and $1.88.9. It gets more expensive moving further South, with prices around 1.93.9 in Kelowna and up to $1.95.9 in Penticton.

Around the province, regular gas prices are above $1.90 per litre, while it's easy to find pumps at $2 per litre in the Lower Mainland. McKnight said that will likely go up at least once more before Monday.

There are several factors affecting gas prices, like the European Union exploring where to find a supply of crude oil outside Russia, and some major supplies in the U.S. are holding about half the refined stocks of what they had last year.

But the biggest concern for McKnight is the cost of diesel compared to gasoline, which he said is going to hit transport companies the hardest.

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Usually the wholesale cost is roughly the same in spring and summer months, but compared to gasoline prices, diesel is up by 15 cents in Vancouver. McKnight said the disparity gets wider if he looks toward the east coast, by a margin he's not seen in 30 years.

Diesel is 21 cents higher in Calgary, 36 cents in Toronto, 47 cents in Montreal and 54 cents in the Maritime provinces.

"For the transportation industry, the average fill up for a truck was $650 dollars. Now it will be up to $1,300," he said, which he suggested would affect the cost of other goods.

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As for whether prices at the pump could drop, he couldn't say, other than suggesting that drivers keep their cars in the driveway, because refineries are still catching up to post-pandemic demand for automobile and jet fuel alike.

For now, McKnight said, "The only way it's going to go is up."

To contact a reporter for this story, email Levi Landry or call 250-819-3723 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

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