PROVIDENCE – Gasoline prices in Rhode Island and Massachusetts declined for the sixth consecutive week.
AAA Southern New England’s June 20 survey found that prices at the pump fell 3 cents in Rhode Island and Massachusetts.
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In the Ocean State, gasoline prices, having declined by 26 cents over the past six weeks, were at an average of $3.80 for self-serve, unleaded regular. In Massachusetts, the average price was $3.69. Nationally, it stood at $3.65.
In New York, gasoline fell as European finance chiefs failed to agree on a bailout plan for Greece, raising concern that Europe’s economic recovery may sputter and global fuel demand growth may slow, Bloomberg News reported.
Futures sank as much as 1.5 percent as finance chiefs said further aid hinged on embattled Prime Minister George Papandreou delivering budget cuts on the eve of a confidence vote. Gasoline has dropped 7.3 percent this month and is down 16 percent from its 2011 high of $3.46 on April 29.
“The fear is that if Greece goes down, it triggers another global recession,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Conn. “There’s worry about the U.S. economy and how it will perform in the upcoming months.”
Gasoline for July delivery fell 2.58 cents, or 0.9 percent, to $2.9202 a gallon at 9:31 a.m. on the New York Mercantile Exchange, after touching $2.9009. Prices are down 6 percent this quarter.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.99 per gallon for midgrade unleaded, $4.11 for premium unleaded gasoline and $4.03 for diesel.
