Price of gas dips below $1.50 a litre in Central Okanagan

Just in time for Christmas: Cheap gas prices.

Well, cheap is a relative term. Still, with food and electricity costs rising and many Canadians reducing their holiday shopping due to budget constraints, the price of gas in the Okanagan fell further this week.

In the Central Okanagan, the price to fill up dipped south of $1.50 a litre, with many gas stations posting prices of $1.499 — the cheapest price of the year. Earlier this month, gas was priced at $1.799 a litre.

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According to GasBuddy.com, one station has fuel at $1.479 while Costco is at $1.399.

In August, gas was at $1.859 in Kelowna, and in June 2022, it was $2.189. The lowest price recently in the Central Okanagan was $1.379 on Jan. 1, 2022 — almost double the price it was on Dec. 29, 2008, when gas was 75.9 cents a litre.

Gas prices throughout the Southern Interior as of Tuesday morning:

• Armstrong: $1.569
• Castlegar: $1.509
• Christina Lake: $1.549
• Merritt: $1.449
• Nakusp: $1.689
• Oliver: $1.619
• Osoyoos: $1.669
• Peachland: $1.539
• Penticton: $1.599
• Princeton: $1.629
• Revelstoke: $1.699
• Salmon Arm: $1.559
• Sicamous: $1.599
• Summerland: $1.589
• Vernon: $1.549

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Elsewhere throughout the province, gas is listed at $1.699 in Victoria; $1.579 to $1.659 in Vancouver; $1.429 in Chilliwack; $1.549 in Kamloops; and $1.499 in Prince George.

GasBuddy says the average price of gas in Alberta is $1.189 per litre and $1.321 in Saskatchewan. In Ontario, it’s $1.408 and $1.555 in Quebec.

As to why gas prices are falling, GasBuddy noted prices in the U.S. have been falling for the past 13 weeks, with the national average now at U.S. $3.99 a gallon.

For those wondering, that translates into around $1.10 a litre, according to websites that convert American fuel prices into Canadian dollars, including this one and this one.

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“As the nation’s average price of gasoline has fallen for the 13th straight week, we’re on the cusp of potentially seeing a $2.99 per gallon average for the first time in years, most welcome just in time for the Christmas holiday,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“While the declines may soon come to an end, as the price of oil has rebounded from recent lows, we could see a gentler 2024 at the pump for motorists.

“Gasoline could see its average fall below $3 this week while the price of diesel has just fallen below $4 for the first time since July, also very welcome news for the economy as nearly all goods are impacted by the price of diesel.

“All in all, the news continues to be good in terms of fuel prices as we enter into the closing innings of 2023.”