The price of fuel in the Okanagan may soon rise again.
A decision by major oil producers to cut back on oil production could eventually influence Canadian markets and the price we pay at the pumps.
“Average prices were in the $1.60s, now in the $1.70s, now pushing to towards the $1.80s and they’re going to stay there,” said Dan McTeague, Canadians for Affordable Energy president.
“Probably aided and abetted by OPEC+ today or over the weekend, to decrease the amount of oil they’re going to supply, that pretty much makes oil pretty scarce, pretty tight, that’s likely to add pressure to the price.”
The potential increase is aggravating Okanagan residents already dealing with high prices in other areas.
“I was just looking and I’m almost paying two dollars per litre right now so I’m kinda surprised that it’s going to go up more,” said Shawneen Jacobs.
The production cuts in countries across the globe have a big effect on the market in the United States, which could affect Canadians.
“The feds increasing its rates has really put a load and pushed the price of gasoline down. That’s great news for consumers, but there’s a cost and the cost is playing catch up,” said McTeague.
McTeague says when gas stations switch from winter to summer gasoline in the next five to 10 days, prices will rise.
“That’s going to add another six or seven cents a litre on top of what retailers are making. Wave goodbye to the $1.50 and say hello to $1.80 and maybe even $1.90 as we speed before summer. I think it’s a safe bet that we’ll hit $2 a litre, whether we go over that in the Okanagan remains a factor to be noticed,” McTeague said.
Okanagan residents say they’ve become used to the fluctuating prices, however, it is still frustrating each time they go up.
“It always happens in the summertime, as soon as the cars start travelling to make any holidays or anything, they boost the gas up, so it’s nothing new,” said Brian Williams.
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