Gas prices jump by more than 10 cents

May 26, 2023 | 10:25 AM

Motorists are paying more for gas in the Okanagan and other parts of the country today.

Analysts say it’s due to factors like the wildfires in Alberta, a slowing economy and potential pressures on supply.

The price for regular unleaded in Vernon is up by as much as 11 cents per litre from Thursday at some outlets to an average of $1.75.9 per litre, but some stations are selling for less.

Kelowna’s average, according to gasbuddy.com, is $1.74.9 per litre.

In West Kelowna, prices went from $1.72.9 Thursday to $1.85.9 today.

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According to Gas Buddy, the cheapest price for gasoline in B.C. as of 10 a.m. Friday was at a Super Save Gas in Salmon Arm at $1.61.9 per litre while a Tempo on Mabel Lake Road in Enderby at $1.62.9.

The price in Vancouver is averaging $1.94, while B.C.’s average is at $1.84.6 per litre.

Canadian fuel analyst Dan McTeague told CTV News, prices could rise or fall by the end of the week, depending on what happens with the negotiations in the United States to raise the country’s national debt ceiling.

McTeague said the outcome of that could lead to a 20 cent jump in prices.

“Were in a holding pattern up until tomorrow where we could see prices drop as of Saturday or Sunday, but it all hinges on the U.S. debt ceiling resolution. That’s the only thing that is holding this market from doing a complete tear out because it will go up 20 cents a litre once this is resolved. The fundamentals don’t support prices dropping,” McTeague told CTV News.

by Pete McIntyre

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