Image Credit: CFJC Today

By Silvia Senna

GAS PRICES

Tensions in the Middle East could affect Kamloops gas prices – but it’s too soon to predict

Oct 13, 2023 | 4:23 PM

KAMLOOPS — Gas prices have been fluctuating for a while now, impacting many residents across B.C. Tensions rising in the Middle East could throw another curveball to drivers in the province.

It has been seven days since Hamas attacked Israel. There are concerns that the conflict will impact the world price of oil. According to a petroleum expert from Calgary, it is not yet affecting gas prices, but anything can change under the current circumstances.

“If it spills over to the Saudi Arabia, over to other parts of Middle East, then it can have an impact on supply. A lot of supply that goes to North America also goes through the Suez Canal. But I feel that the US and the rest of the world will prevent from that happening because it’s a negative impact on the economy,” explained Vijay Muralidharan, Director with R Cube Economic Consulting.

Prices have remained steady in Kamloops. The majority of local stations are selling unleaded gasoline at $1.67/litre. However, while the city is a gasoline distribution hub, Muralidharan said that doesn’t translate to lower gas prices.

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“As producer, I have option. I sell in the local market or exported it to another market that fetches a higher price. Therefore, I’m intended to sell the fuel in the market that pays me the best price,” he explained, giving Kamloops as an example. “In Kamloops, I have an option to sell in local market or in Washington, in the US or in Montana or Alberta. Therefore, the price dictated in capitals is not in Kamloops.”