Isle wholesale gas prices set to drop 3 cents
The state's cap on wholesale gas prices will drop 3 cents next week, according to figures released yesterday by the state Public Utilities Commission.
Gas prices have been hovering near this level for several weeks now after rising 5 cents this week and dropping 6 cents the week before.
The cap on pretax wholesale gasoline will be $2.04 on Oahu, $2.18 on most of Maui and $2.19 in Hilo. Prices will be $2.18 on Kauai and $2.29 on Molokai.
That is the price before taxes and a retail markup. The new prices take effect Monday.
Crude oil prices are still around $67 a barrel amid worries about tensions with Iran, the war in Iraq and unrest in Nigeria.
Hawaii's base-line gas price for next week, based on the average of prices in New York, the Gulf Coast and Los Angeles, is $1.76, down from $1.79.
Yesterday's statewide average for regular unleaded was $2.87 a gallon, 52 cents above the national average, according to AAA's Fuel Gauge Report.