Expect most if not all of the gas stations in Kamloops to take a leap in prices by the end of today.

Prices at many stations jumped by more than 10 cents overnight and now sit above $1.20 per litre in not only the Tournament Capital but most of the southern Interior.

Gasbuddy.com senior analyst Dan McTeague says wholesale gas prices have increased by roughly five cents this week and retailers are now recovering costs.

“Gas stations here in Kamloops have been holding on for dear life. They know that the wholesale price for gasoline has gone up about five, almost six cents a litre, in the past four or five days. Where as they were buying their gasoline for $1.05 at the beginning of the week and selling it for a $1.09.9, $108.9,” McTeague says.

“They realized this five cent increase meant that they were having to buy gasoline to replace what they’re selling for at a net loss at at least a penny a litre, and that doesn’t include the cost of honouring credit cards or at least running your station. So many of them threw in the towel and of course raised prices by as much as 11, in some cases 12 cents a litre.”

McTeague adds that average gas prices will drop back down in the coming days and likely will settle there until March or April.

“In Kamloops with the heavy competition among gas stations, you’re likely to see that drop back to about $1.14 by Sunday or Monday.”

At time of posting, the cheapest gas in Kamloops remains at Costco at $1.06.9, while only three other stations were still below $1.10, according to Gasbuddy.com. The cheapest gas in B.C. is currently $1.04.9 at stations in Prince George and Sparwood.