Gas prices in Kamloops, Okanagan starting to fall as weekend approaches

It appears gas prices could be on their way down in the Thompson-Okanagan as we head into the weekend.

Gas price expert Dan McTeague with GasBuddy says gas prices in Kamloops and the Okanagan have been falling painfully slow as retailers slowly adjust their prices to a wholesale cost that has dropped 15 to 16 cents a litre in the past seven days.

Last week, the price for a litre of regular gas in Kamloops, Vernon, Kelowna and Penticton was around $1.48.9, according to GasBuddy.

The prices began falling in Kamloops and Vernon early this afternoon, June 6, to around $1.39.9. Prices in Kelowna and Penticton remain in the $1.44.9 to 1.45.9 range as of mid-afternoon.

“Gas stations top up every five or six days, but some could be using up last week’s inventory which is more expensive,” McTeague said.

He said it is costing retailers about $1.20 to buy a litre of regular gas right now, and the gap between wholesale and retail is starting “to get long in the tooth.”

“If Kamloops and the Okanagan are still dealing with high prices beyond the weekend, it is something I would take notice of as a consumer,” McTeague says.

He said normally “these things don’t take this long, once they start to drop they do dramatically. There’s plenty of room for these prices to fall.”

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