Posted at 12:28 p.m., Wednesday, October 31, 2007
Oahu gas price gap lower in latest PUC report
Advertiser Staff
The gap between Oahu's average prices for retail regular gasoline and wholesale regular gasoline fell to 48 cents a gallon during the week ended Aug. 26, the state Public Utilities Commission reported today.That was down from a gap of 51 cents a gallon the prior week. Lawmakers mandated the disclosure in hopes it will discourage unfair pricing, after the suspension of controversial gasoline price caps in May 2006.
The average retail price before taxes fell a penny to $2.63 a gallon. At the same time, the average wholesale price rose from $2.13 a gallon to $2.15.
The PUC's average wholesale price has been criticized as inaccurate and inflated because it combines different types of wholesale transactions into one price.
Under the program, oil companies must file monthly and weekly reports disclosing in some cases crude oil costs, wholesale prices, gross margins and other figures.
