You may have woken up to a shock at the pumps this morning.
Gas prices in much of the region soared overnight as much as seven cents per litre.
Former liberal MP Dan McTeague, now with a website called Tomorrow’s Gas Prices Today, says drivers have been filling up below cost for the past two weeks.
McTeague says although B.C. has to pay taxes and an inflated wholesale price for fuel, retailers haven’t been making any money.
“So at a $ 1.31 (per litre), to a $ 1.29 to a $ 1.32, where it’s been bouncing around for the past few days, that’s actually seven cents a litre below what a retailer needs to be able to turn on their pumps.”
McTeague calls this a bit of a “restoration” at the retail level.
He says now drivers have wound up paying a hefty wholesale price for gasoline that no one seems to challenge.
McTeague was speaking on the CKNW Morning News with Phillip Till.
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