Lower gasoline prices? Sorry, but it's not going to happen next week.

Hawai'i's wholesale gasoline price cap is on track to rise another 8 cents a gallon on Monday, according to Advertiser calculations. That's on top of the 14-cent-per-gallon increase in the cap yesterday.

The hike means Honolulu drivers are unlikely to get a reprieve from gasoline prices that have now surged above $3 a gallon for regular. Except for one week, the cap has been on a steady rise since Feb. 20, increasing by a total of 80 cents.

The gas cap is set weekly and based on wholesale prices during a five-day period in three Mainland markets. After the first four days of market data, the cap for O'ahu appears set to rise next week to about $2.67 a gallon for regular, excluding taxes and dealer markup.

The state will announce the official cap tomorrow. The cap is on wholesale prices only. Retailers are free to set whatever price they want.

The current spike in price is occurring nationwide amid rising crude oil prices.

The AAA Daily Fuel Gauge Report listed the average price for regular in California yesterday at $3.117. The statewide average for Hawai'i was $3.24 yesterday, according to AAA. Hawai'i and California topped the nation in gas prices.

State lawmakers are considering a proposal to end the gas cap, which took effect in September. House members are pushing to repeal the controversial law in favor of stepped-up oil-industry monitoring. The Senate supports a modified price cap that would kick in if prices rise above a "fair" price.

The two sides met in a conference committee yesterday and are scheduled to convene again today. Friday is the deadline for the committee to reach a decision. The legislative session ends on May 4. If no new bill is passed by then, the current law will remain in effect.

Reach Sean Hao at shao@honoluluadvertiser.com.