Hawai'i gasoline prices fell for an 11 consecutive week, with prices breaking the $2 level at Costco Wholesale stations on O'ahu.

The AAA Daily Fuel Gauge Report said statewide gasoline prices declined to $2.48 for a gallon of regular, or 13 cents less than the week before.

Gasoline prices have been plummeting as crude oil prices fall from a high reached in July. While lower than three months ago, Hawai'i's average gasoline prices are the second highest in the Hawai'i behind Alaska and only one of two states where prices remain above $2.00 a gallon. The national average was $1.656.

Costco has been the low-pricing leader in Honolulu and this week lowered its prices below $2.00 a gallon. The retailer in part is able to reduce prices faster than smaller service stations because it receives frequent shipments of fuel. By comparison, smaller dealers sometimes must wait a week or so to sell out gasoline bought at higher prices before they can reduce prices because they've received a lower-priced tank load.

Costco and other large gasoline users such as the military also generally pay a discounted wholesale price based on long-term contracts.

The Hawai'i statewide average was down from $2.985 a year earlier.

The AAA report also showed: Honolulu's average price fell to $2.386 from $3.339 a year ago.

Hilo's price was down to $2.522 from $3.401, and Wailuku's average price declined to $2.861 from $3.784.

The weekly price report is collected from fleet vehicle credit card transactions and represent the combined averages of the last card swipe of Thursday. AAA's data service does not collect the prices for Kaua'i.