Just when you think 2021 couldn’t get any tougher, along comes news of a possible hike in gas prices.
On his Twitter feed, well-known gas-price guru Dan McTeague says most of Western Canada should see a three-to-eight cent hike in gas prices.
On Tuesday, McTeague, president of Canadians for Affordable Energy, is projecting a 10-cent jump for the Okanagan, but prefaced it by saying that’s assuming gas stations pass on a 12-cent retail margin.
He said gas prices in Kelowna are averaging $1.489 a litre, not far off the $1.45 it costs to buy fuel.
“You’re looking at an increase of about 10 cents a litre (in the Okanagan),” McTeague told Global News.
“It could be a little less than that, or gas stations may try to hold off in the Okanagan. But the reality is that there’s been a substantial increase in the wholesale price of gasoline in the past week.
“So, sooner or later (gas stations) are going to have to throw in the towel.”
McTeague speculated gas prices of $1.57 to $158 a litre throughout the region, but said, generally, gas stations in Kelowna and Kamloops tend to hold off price hikes a day or two.
“But best if you are near a gas station (and) you see $1.48, pick it up,” he said, “because it’s not going to hold.”
He said some gas stations may not increase their prices quickly, but when “a couple start moving tonight or tomorrow morning, the rest will follow, usually within a couple of hours.”
For the Lower Mainland, McTeague said the region should see a hike of five cents a litre, up to $1.65 a litre.
He said motorists should see a three-cent hike on Wednesday, followed by a two-cent hike on Thursday.
McTeague said the post-pandemic demand for oil is going through the roof, and that many regions across the world are short of fuel.
“And, as a result, oil is much greater demand than it ever has been.”
He continued, saying, “We’re very short of supply and this is not likely to end anytime soon. So expect prices to remain high at least for the foreseeable future, possibly into next year.”
Gas prices across B.C. and Canada, according to the website Gasbuddy.com as of Tuesday afternoon:
- Vancouver: $1.496 to $1.559
- North Vancouver: $1.589
- Surrey: $1.539 to $1.589
- Langley: $1.529 to $1.589
- Chilliwack: $1.369 to $1.499
- Powell River: $1.649 to $1.789
- Victoria: $1.479 to $1.549
- Nanaimo: $1.529 to $1.559
- Courtenay: $1.449 to $1.549
- Campbell River: $1.509
- Kamloops: $1.479 to $1.499
- Revelstoke: $1.499 to $1.599
- Kelowna: $1.469 to $1.489
- Penticton: $1.449 to $1.489
- Vernon: $1.439
- Osoyoos: $1.509
- Oliver: $1.549
- Cranbrook: $1.489 to $1.499
- Williams Lake: $1.429 to $1.449
- Quesnel: $1.418 to $1.439
- Prince George: $1.349 to $1.399
- Fort St. John: $1.369
- Dawson Creek: $1.275
- Terrace: $1.480 to $1.489
- Prince Rupert: $1.539
- Calgary: $1.259 to $1.319
- Edmonton: $1.159 to $1.199
- Regina: $1.209 to $1.319
- Saskatoon: $1.229 to $1.319
- Winnipeg: $1.316 to $1.389
- Toronto: $1.169 to $1.249
- Hamilton: $1.249 to $1.369
- London: $1.189 to $1.353
- Ottawa: $1.265 to $1.346
- Montreal: $1.3690 to $1.419
- Quebec City: $1.349 to $1.449
- Fredericton: $1.375
- Halifax: $1.318 to $1.368
- Moncton: $1.327 to $1.379
- St. John’s: $1.548
- Summerside: $1.362 to $1.434
In Seattle, Wash., GasBuddy says gas was selling for around US$3.45 a gallon, which, according to one gas price calculator, works out to $1.15 a litre.
In Dallas, Texas, the average price was US$2.60 a gallon, which translates to 87 cents a litre.