Photo: Wayne Moore

UPDATE: 11:10 a.m.

The cheapest gas in B.C. can be found in the Okanagan, but Dan McTeague, president of Canadians for Affordable Energy, says gas station owners are selling it at a loss.

Stations in Penticton are selling a litre of regular fuel for as low as 108.9 cents, while the price has dropped to 113.9 cents in the Central Okanagan.

Station operators in the Okanagan are paying 77.5 cents a litre for gas. Factoring in all the taxes, McTeague says station owners are paying a little less than $1.17 a litre.

McTeague does say station owners may be profiting from the sale of premium gasoline, which typically sells for about 11 cents more.

That gap, he says, could be higher to offset any loss on the price of regular gas.

While there is no indication how long prices will remain low, at least two Shell stations in Kelowna are again selling regular gas at 128.9 a litre.

ORIGINAL: 10 a.m.

On the heels of a brief holiday gas war, prices at the pumps have settled between 113.9 and 115.9 cents for a litre of regular gas in the Central Okanagan.

Prices at some stations dropped even further Monday, when Super Save on Highway 33 dropped their price to 109.9 cents a litre.

Prices have since levelled off.

Gas prices have been slowly falling over the past number of weeks from a high point in the mid $1.30 a litre range.

A litre of regular was selling for about 121.9 cents on the weekend.

No word as to how far the price could drop, or how long they will remain this low.

Castanet has placed a call in to Dan McTeague, president of Canadians for Affordable Energy, for analysis on what the future of local gas prices could look like.