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Gas prices are on the rise and won't be falling anytime soon

Gas prices are expected to jump in Kelowna and Kamloops anywhere from six to 10 cents per litre according to the country’s gas expert.

Dan McTeague from GasBuddy.com says the price in Kelowna will jump to 124.9 cents per litre by the end of the day Thursday. And his prediction is correct as prices are already on the rise. A litre of gas was selling for 114.9 cents per litre this morning, but many stations in Kelowna are already reporting 124.9 cents per litre.

The same thing is happening in Kamloops as prices this morning were as low as 112.9 cents per litre at Costco, but has now jumped as high as 122.9 cents per litre at some gas stations. The B.C. Interior isn’t the only place in the province on the rise, as prices are also expected to jump in Prince George and Vancouver.

The average price in the province is 115.8 cents per litre and the lowest price can be found at 104.9. According to McTeague, the sticker shock at the pump was no surprise to analysts.

“It's official: according to the U.S. Energy Information Administration, implied gasoline demand hit nearly 9.4 million barrels per day in March, the highest ever level for the month, and the highest since August 2015.”

The March increases follow monster demand for February, 10 per cent versus the same period a year ago.

“Higher demand and falling supply have been a major recipe for rising gas prices not only this spring but almost every spring. Good news lies ahead, however. As refiners get back online, supply will likely not erode as quickly, leading to gasoline prices stabilizing or even falling. However, with demand likely to be at record levels, any kink in gasoline supply could have a chilling effect on gasoline prices.”

Motorists can expect prices to continue to rise as demand grows every day.



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