Regular gas could cost as little as $2.70 next week | The Honolulu Advertiser

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Regular gas could cost as little as $2.70 next week | The Honolulu Advertiser | Hawaii's Newspaper

Posted on: Thursday, October 27, 2005

Regular gas could cost as little as $2.70 next week

Advertiser Staff

TRACKING THE GAS CAP

Honolulu wholesale gasoline price cap is based on average wholesale prices in Los Angeles, the Gulf Coast and New York on a rolling five-day basis.

5-day avg. (for Nov. 7 cap)

The cap is set each Wednesday, effective the following Monday, and is based on closing prices from the preceding five business days. The prices so far:

Previous caps

Effective cap, regular date per gallon*

Oct. 17-23 $2.21

Oct. 24-30 $2.10

Oct. 31-Nov. 6 $1.92

Note: Prices exclude about 62 cents in taxes and a dealer markup which typically ranges from 12 cents to 20 cents a gallon.

*rounded to nearest whole cent

Sources: state Public Utilities Commission, Advertiser research

The state's wholesale gasoline price cap will drop about 18 cents a gallon for regular on O'ahu next week, the Hawai'i Public Utilities Commission said yesterday.

The decline could translate into retail pump prices at O'ahu's lowest-priced stations falling to $2.70 a gallon or less next week after reaching as high as $3.59 last month. Retail prices for gasoline in Honolulu averaged $3.05 a gallon as of Tuesday, according to the AAA's Daily Fuel Gauge report.

Next week will mark the third consecutive time the price cap has fallen and comes as more refinery capacity is restored following hurricanes and as Mainland prices decline because people are cutting back driving.

The PUC yesterday cut the maximum pre-tax wholesale price for regular on O'ahu to $1.920 a gallon from $2.095.

It set the cap at $2.061 for Kaua'i, $2.059 for Maui excluding Hana, $2.068 for Hilo and $2.087 for Kona. The new cap goes into effect Monday.

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