Posted at 12:45 p.m., Wednesday, November 2, 2005
Gas cap to fall 4 cents Monday, PUC says
Advertiser Staff
The Hawai'i's wholesale price cap will shrink by 4 cents as of Monday, the state Public Utilities Commission said.The decline will mark the fourth consecutive week the cap has fallen and could result in the retail price of gasoline on O'ahu dropping below $2.60 a gallon at lower-priced stations.
Hawai'i's gasoline prices are the highest in the country, according to the American Automobile Association. As of Tuesday night the state average was $2.947 for a gallon of regular, according to the AAA's Daily Fuel Gauge report.
The national average was $2.467, or 48 cents less than Hawaii's. The next closest state to Hawai'i is California at about 19 cents less.
Hawai'i began the nation's only wholesale price cap on Sept. 1 in an effort to link the state's prices with those on the Mainland. The price ceiling is calculated using wholesale prices from markets in New York, the Gulf Coast and Los Angeles.
