Don't fill up your tank in Kamloops just yet: Gas expert

By Ashley Legassic
January 11, 2019 - 1:10pm Updated: January 11, 2019 - 3:45pm

KAMLOOPS — Just as quickly as gas prices went up this week in Kamloops, they're expected to come back down.

Dan McTeague with Gasbuddy.com says wholesale prices for gas shot up about two and a half cents per litre just a couple of days ago, meaning some stations were selling gas for $1.06 per litre while paying $1.08 at wholesale cost.

"It's likely that we're going to be back to that point where they're going to be at break even at $1.06, so if you don't like $1.17 (or) $1.18.9, wait until the weekend — it'll probably drop right back down to about $1.08 to $1.12," McTeague says.

He adds that there's a lot of competition at the retail level currently, and gas stations are trying to restore their operating margins, leading to higher prices.

"They do that for a few days then they let go, because if not they might lose market share to some of the big new box stores," he says. "Costco's been around for a few years and since then you've had some of the most... well, some of the thinnest, skinniest retail margins in the region. Compare (Kamloops), say for instance to way down there to Kelowna, where there's usually a price differential of at least 7 to 10 cents a litre."

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