Price of Gas Jumps
Prince George, B.C. – Some sticker shock at the pumps in Prince George today as prices are up almost a dime to $1.06.9 in most places.
Dan McTeague, a senior petroleum analyst with GasBuddy.com, says it’s not a surprise considering prices were operating at low profit margins – ranging from 94.9 per litre to 96.9 at other retailers until today’s jump.
“The wholesale price of gas is about 60 to 61 cents. When you add your federal tax at 10 cents and 21.17 for the province and include the 5 per cent GST – it comes to about 96.7 cents a litre – you can’t sell gasoline at a price that is lower on the retail side than the wholesale side or you’re bankrupt.”
He expects the prices to stay at this level for the next two weeks though because of the competitive nature of the Prince George market, he wouldn’t be surprised to see prices drop to $1.02.9 at some spots this weekend.