Gas prices about to jump

Gas prices in the Okanagan are expected to jump by about nine cents per litre by Wednesday, and they likely won't drop back down by that amount anytime soon.

The jump will be observed in all of Western Canada — with some areas seeing a price jump of up to 15 cents per litre — according to gasbuddy.com spokesman Dan McTeague.

The increase at the pumps is due to a spot market hiccup in the Chicago Mercantile Exchange, he explained.

McTeague added most gas stations in the Okanagan will be at about 126.9, and if they aren't "it's only because they have not completely passed on the increases they were given by their suppliers."

Castanet readers have reported gas prices in Penticton and Kelowna have jumped to 126.9 per litre, after starting the day eight to nine cents cheaper.

One Vernon station is reportedly at 125.9 while many others remain at 116.9 as of early Tuesday evening, according to another tipster.

McTeague said the current prices will likely drop three or four cents by Sunday.

He added, however, that the cost of gas likely won't go below 122.9 in the foreseeable future, as high demand in the U.S. Midwest is the driver that is fuelling the price increase.