The price per litre of regular gas was over the $2 mark at this Salmon Arm gas station on Tuesday morning, May 10, 2022. (Lachlan Labere-Salmon Arm Observer)

The price per litre of regular gas was over the $2 mark at this Salmon Arm gas station on Tuesday morning, May 10, 2022. (Lachlan Labere-Salmon Arm Observer)

Gas prices surpass $2 per litre in Salmon Arm, highest in North Okanagan-Shuswap

Costs at the pump continue to rise as oil companies report billions in profits

The price per litre of regular petrol punched past the $2 mark at Salmon Arm gas stations.

As of Tuesday morning, May 10, drivers wanting to fuel up with regular in town were paying from about $1.87 per litre to as much as 205.9 cents – the highest price in the North Okanagan-Shuswap according to Gas Buddy.

In Enderby, drivers could still fill up for 184.9 cents per litre.

In Revelstoke, the price of regular at most gas stations was 205.9 cents per litre.

The price at the gas pumps had been steadily on the rise over the past several months. While the conflict in Ukraine was believed to be a factor behind rising gas prices, Dan McTeague, president of Canadians for Affordable Energy, said the supply-demand issues existed before the war began.

“(Some people think) all this is because of Russia, but nothing could be further from the truth,” McTeague told Canadian Press. “It is a matter of fundamentals. There was less supply and more demand before and that hasn’t changed.”

McTeague also anticipated the price of gas would go up as summer travel gets underway.

While motorists continue to feel the sting of rising gas prices, oil companies are doing well.

On May 7, Shell reported record first-quarter earnings of $9.1 billion, up from $3.2 billion in the same period in 2021. In April, Chevron reported first-quarter earnings of $6.3 billion – up from $1.7 billion in the first quarter of 2021. BP was up from $2.6 billion in the first quarter of 2021 to $6.2 billion as of May, 2022. Exxon reported $5.5 billion for its first quarter this year, about double what the company earned in the first quarter of 2021.

In March, the B.C. government announced drivers would receive some relief with a one-time rebate from ICBC of up to $110 for individuals and $165 for commercial drivers.

Read more: Gas prices on the rise across the Interior

Read more: Vernon gas prices cheapest in B.C.

Read more: B.C. to provide $110 one-time rebate to relieve high gas prices


lachlan@saobserver.net
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