Okanagan gas prices on the rise

KELOWNA–The price of crude oil is still sitting below $60 a barrel, but that doesn’t seem to have much bearing on the price at the pump these days.

In Kelowna, one station after another moved the cost of a litre of gasoline from $1.11.09 to $1.22.09.

Penticton is moving up to $1.22.09 as well.

Vernon is still sitting at $1.08.9, so you might want to fill up there soon if you can.

Some experts say crude oil isn’t being refined quickly enough.

“We have an oversupply of oil and an undersupply of gasoline,” said Marvin Ryder, a professor at McMaster University’s DeGroote School of Business in Hamilton.

Ryder points to U.S. refineries performing annual maintenance and switching production from winter gasoline to summer fuels. As a result, he says, refining capacity is significant reduced.

Of course, the spring and summer holiday season also increases demand, so the nice weather could also be partly to blame.