Expect 5-cent rise for gas
It will be the second consecutive increase after weeks of decline*
Motorists should expect to pay about a nickel more per gallon at the pump next week.
That is how much maximum wholesale prices for gasoline are expected to increase on Monday, according to preliminary calculations by the Star-Bulletin. It will mark the second* consecutive weekly increase under the state's gasoline price cap law after several weeks of dropping prices.
The Public Utilities Commission will publish next week's official price caps tomorrow.
If wholesalers charge the maximum allowed and dealers tack on a 12-cent markup, the statewide average for the price of regular unleaded will be about $2.74 a gallon. Oahu's average price for regular unleaded is expected to be about $2.57 a gallon, the lowest in the state. The average price for regular unleaded on Lanai is projected to be about $2.94 per gallon, the highest in the state.
Prices at the pump are likely to reflect the 5-cent increase in the price caps almost immediately, based on past trends.
Hawaii's statewide average for regular unleaded was $2.65 a gallon yesterday, 47 cents higher than the national average, according to AAA's Fuel Gauge Report. The auto club bases its survey on credit card transactions from the previous day at more than 85,000 self-service stations nationwide, including 222 in Hawaii.
Actual prices on Oahu ranged from $2.57 a gallon in Aiea, $2.54 in Kahala and Kalihi, $2.47 at Lex Brodie's in Kakaako and $2.43 at Costco Wholesale Club in Iwilei. The prices at Lex Brodie's and Costco are typically among the lowest in Honolulu.
Hawaii's price cap is based on an average of spot wholesale prices in the Gulf of Mexico, New York and Los Angeles. Prices in those markets track closely to crude oil.
Star-Bulletin estimates are based on a four-day average of prices listed by Bloomberg News. The PUC calculates the caps based on a five-day average of prices listed by the Oil Price Information Service. Projections have varied by as little as a fraction of a cent to as much as 5 cents.
Thursday, December 15, 2005
» Hawaii's wholesale gas price cap will rise next week for the second consecutive week. A Page A5 article Tuesday incorrectly said the cap would rise for the third straight week.