You may want to choose where you gas up carefully today. Prices are spiking, though it appears that the day is getting underway with a wide range of prices across the Okanagan.
Kelowna
Shell and Petro Canada stations on Harvey Avenue in Kelowna are posting a pump price of $1.46 a litre.
While a few Chevrons are at $1.33 a litre.
The lowest prices are across town, where the Esso/7-11 and Chevron at the north side of the city have a pump price of $1.29 a litre.
Vernon
Prices are much more reasonable in Vernon, thus far this morning. Prices around from $1.24 at the pump to $1.30.
Penticton
Prices are ranging between $1.26 a litre to $1.30 a litre.
READ MORE: THE GOOD OLD DAYS
Price hikes weren’t unexpected
GasBuddy released a report earlier this year that said Canadian motorists can expect a year of extreme volatility at the pumps for 2019 as world markets move sharply in varying directions for the foreseeable future.
“Canadian drivers should expect a bumpy ride at the pumps in 2019 with markets fluctuating wildly given the uncertainty over the economy as a whole and energy markets being driven by a news headline sensitive stock market”, said Dan McTeague, senior petroleum analyst with GasBuddy. “With carbon taxes set to begin or increase in eight of 10 provinces, the average hike of five cents per litre by April 1, combined with a limping Loonie, will almost certainly force up the cost of filling your tank, just in time for the summer driving season and switchover to more expensive summer gasoline. The tax increases will be particularly noticeable in Vancouver which will displace Montreal as the highest taxed jurisdiction on fuel in North America.”
Although fuel prices are likely to reach 2018 levels and at times reach above seasonal highs, extra attention will need to be given to the ongoing premium of diesel prices, which are not expected to fall notably for several years. Overall, fuel prices in 2019 could well turn out to be more expensive than any year since 2014, helped in no small part by an increase in gas taxes and currency challenges.
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