Gas prices up in Kelowna
Gasoline prices are up again.
Some Kelowna gas bars are raising prices by 7-cents-a-litre to $124.9.
Petroleum Analyst Dan McTeague at Gas Buddy-dot-com says the reason is a wholesale price increase by about that same amount in the past week.
"Because retailers in Kelowna want to ensure they always have a 12-cent buffer as part of their operating margins because it costs money to run a gas station, and honour your credit cards which can cost 2 or 3 cents-a-litre - and it's the long weekend and a lot more people are taking to the roads, and if retailers are buying their gasoline for $1.12, $1.13, or $1.14 and selling for $1.17 - they're likely not making a whole lot of money let alone covering those costs, " he says.
McTeague says Tropical Storm Harvey has created shortages, but he doesn't see another increase this long weekend.
"For now - no, because the reason is it's eastern seaboard U-S that's affected by the closure of the Colonial pipeline - as well as about 31% of all refining capacity that finds itself on the U-S Gulf coast, " he says.
However, McTeague says if the shortages become more pronounced next week, U-S midwest refineries will start supplying the eastern seaboard forcing prices up again.
Eastern Canada is seeing the worst of the Hurricane Harvey price jump, with gas prices set to rise 23-cents-a-litre by the end of the weekend.