Gas prices in the Central Okanagan have dropped after stock markets around the world continue to plunge in the wake of the COVID-19 pandemic.
On Tuesday, oil traded for less than $30 a barrel, the lowest price since 2016. Analysts said prices may continue to decline as the coronavirus pandemic impacts demand and Saudi Arabia and Russia battle for market share.
Countries around the world, including Canada, are trying to take the appropriate measures to slow the spread of the virus, which is also reducing the demand for crude oil and products such as gasoline.
Currently, in Kelowna gas is selling for as low as 109.9 cents per litre at more than ten gas stations throughout the city.
In Penticton, it’s selling for an average of 110.9 cents per litre.