Gas price roller coaster continues in Kamloops, Okanagan

Gas prices continue to fluctuate unevenly and unpredictably around the world as the war in Iran goes on. A short drive around Thompson-Okanagan will show a huge range in gas prices.

In Vernon the cheapest gas at the time of writing is at Super Save Gas at $1.47.7, other stations are listed closer to $1.70 and some are as expensive as $1.91.9. Penticton’s gas prices are a bit closer together, ranging from $1.86.9 to $1.94.9.

Kamloops and Kelowna are similar in price from $1.74 to $1.80, but some gas stations in Kamloops have prices around $1.86.9.

The average gas price in B.C. went up slightly today to $1.97 while Ontario has the lowest price in the country at $1.67. Alberta often has the lowest gas price but it’s sitting at $1.70.

The price of Brent Crude oil has been fluctuating wildly over the past month. It went up to $92.19 on July 23 and down to $75.22 USD on Aug. 5. Now it’s at $86.73.

As the war in Iran continues and the fate of the Strait of Hormuz remains in limbo, gas prices around the world are unsteady. Iran has some of the cheapest gas on the planet, around $0.02 USD per litre and in Hong Kong gas is more than $4 USD per litre.

The strait has been effectively closed for 173 days and there is more and more confusion about what’s going on with the world’s oil supply. Experts previously said that it could take several months for gas prices to go down after the Strait of Hormuz reopens.

Canada’s gas prices have been forced down because of the temporary pause in taxes that started in April. But, the federal government plans to reinstate the fuel tax on Labour Day which would cause a 10 cent jump in gas prices across the country.