Drop in crude oil prices could soon be reflected in price at the pump in Okanagan, Kamloops

Kamloops and Okanagan motorists should see lower prices at the pump thanks to the sudden drop in the price of a barrel of oil.

Canadians for Affordable Energy president Dan McTeague said it looks like the recent cuts to the price of crude oil will translate to a net decrease of around eight cents per litre of regular gas.

The decrease in oil prices were ignited by a price war after Russia refused over the weekend to roll back production and Saudi Arabia responded by vowing to ramp up output. The drop rattled already jittery markets that had been under pressure due to concerns about the economic impact of the spread of the novel coronavirus that began in China.

“As of midnight tonight, gas stations who buy fuel are being told the cost for them to buy the next load will be about eight cents (per litre) less with tax,” McTeague said today, March 10.

He said that price should be passed on in the next few days to drivers at the pumps.

“It may not necessarily happen at the stroke of midnight tonight, but often it does, and in the next 24 to 48 hours gas stations should be passing on the savings they’re getting from their supplier,” he said.

He said retailers are paying around 1.06 to 1.07 a litre for fuel today.

Here are the prices as of 10:30 a.m. today, March 10, according to data from GasBuddy.com:

• Kamloops – 109.9 to 113.9
• Vernon – 115.9
• Kelowna – 112.9
• Penticton – 117.9 to 118.9
• Merritt – 118.9 to 123.9

Elsewhere in the country, gas prices in Vancouver range from 127.9 to 133.9, while in Toronto prices range from 89.9 to 95.9 cents per litre.

The price of a barrel of Brent crude was $37.04 as of 10:45 a.m. today.

— With files from The Canadian Press

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