Gas prices in Kelowna and Penticton are expected to fall over the next few days.
It comes after a “dramatic and sudden” decline in wholesale prices, GasBuddy’s senior petroleum analyst Dan McTeague said.
McTeague said gas stations in the area are still “stuck on higher prices” but he expects retailers to make the switch to cheaper fuel from midnight.
“Prices will probably be pushed back to the $1.39 range,” he explained.
⚠️⛽️ Alert: Wholesale gas prices are slated to drop 3 cents a litre overnight for Wednesday which should push pump prices down across western Canada, especially cities still paying bloated retail margins like #Kelowna #Penticton #Saskatoon #ThunderBay
— Dan McTeague (@GasBuddyDan) June 4, 2019
“Retailers will be able to take advantage of lower prices. [Prices are] likely to drop effective as of Wednesday and into Thursday and Friday.”
McTeague added, however, that long-term predictions of gas prices are “out of the window” because of a “crisis of confidence” in the global economy.
That has been caused by uncertainty over U.S. President Donald Trump’s trade policy, including tariffs on Chinese goods.
“It’s good for the price of gas but the reality is the prospect of a global slowdown and recession,” McTeague explained.
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