Okanagan, Kamloops gas prices jump as B.C. leads country in expensive fuel

The war in Iran rages on, and the fallout of rising oil prices continues to hit pumps in the Okanagan and Kamloops.

Gas prices are around $1.91 with the cheapest price at $1.89 in Kelowna. Before the war started the lowest price was $1.07.

The lowest price in Vernon is $1.63, but many stations are also selling at $1.91, according to GasBuddy.com.

Other nearby cities are faring a little better.

In Kamloops, the cheapest price is $1.74 with many stations sitting at $1.79 and in Penticton it’s the same lowest price but many stations are at $1.75.

B.C. has the highest provincial average price at $1.98 with Vancouver taking the prize for highest gas price at $2.15. The national average is currently $1.76 a litre.

West Texas Intermediate crude oil, often used as a benchmark for North American crude oil prices, has gone from $65 USD per barrel on Feb. 26 to $102 USD a barrel today, March 31.

Patrick De Haan, GasBuddy.com’s head of analysis, previously told iNFOnews these price hikes aren’t likely to drop to pre-war levels for months, especially as demand continues to rise in the spring and summer.

The war has shut down the Strait of Hormuz, which roughly 20 per cent of the world’s oil passes through, spiking oil prices around the planet.

De Haan said reopening the strait would drop prices, but they would still likely be higher than they were in February as the market readjusts.

“Although Canada being a major oil producer certainly does insulate itself from the realistic supply disruptions,” he said.

“It’s not just Canadians paying a higher price, it’s Europeans, it’s Americans. Unfortunately this is the reality of the global market.”

For the latest roundup of gas prices in Kamloops, Kelowna, Vernon and Penticton, check out this handy iNFOnews.ca webpage.