The Vancouver area has been getting roughed up at the pumps lately with prices of regular gas hovering near $1.50 per litre. Refinery renovations in Burnaby are to blame as they’re causing a supply issue. Gas Buddy analyst Dan McTeague says the Okanagan is immune to the troubles in the lower mainland. “You’re OK because your product comes directly from Edmonton. You never have to worry. The pipeline drops off gasoline in your neck of the woods…it’s what happens further down the pipe where they have one tiny refinery that’s out and chronic shortage leads to bigger problems.”
McTeague says the Okanagan IS due for a bump in gas prices in the next few weeks though. “Because of a bit of a bounce on the relevant stock market and of course on April 1st to 15th when we transition from winter to summer gasoline. That’s good for another 4 cents a litre. Prices could potentially push towards $1.28 to $1.30 in the next couple of weeks.”
As of today, Wednesday, March 21st the price at most pumps in Kelowna is $124.4 per litre.
According to McTeague, the Canadian dollar is worth keeping an eye on. Much like supply, demand, weather and politics, the loonie can influence what we pay at the pumps. “We price all of our fuel in US terms so when you see it weakening don’t cheer, especially if you have to go buy gas because it has a significant linear connection to what we pay.”
As an example, at the beginning of February the US dollar was trading at $1.22 Canadian and it’s since jumped to $1.31. McTeague says that equates to around a 3 cent jump in price at the pumps.