Gas prices in the Central Okanagan have dropped after stock markets around the world plunged in the wake of an unexpected drop in oil prices over the weekend.
Anxiety over the new virus and a unexpected row between Russia and Saudi Arabia sent global stock markets and oil prices plunging Monday, according to the Associated Press.
Currently, in Kelowna gas is selling for as low as 112.9 cents per litre at more than ten gas stations throughout the city.
In Penticton, it’s selling for an average of 118.9 cents per litre.
Global oil prices suffered its worst percentage losses since the start of the 1991 Gulf War after Russia and Saudi Arabia, two of the world’s largest oil producers, disagreed on petroleum curtailment plans.
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According to international media outlets, last week the Organization of the Petroleum Exporting Countries (OPEC), which includes Saudi Arabia, agreed to cut production in order to support prices.
However, it also wanted non-OPEC producers such as Russia to agree to cuts, however on Friday Russia rejected the idea.
As a result, Saudi Arabia cut its official selling prices for oil and stated it planed to increase production creating a glut in the market and driving down prices.
For further information on local gas prices, visit gasbuddy.com
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