PROVIDENCE – Gasoline prices continued to decline in Rhode Island and Massachusetts, according to AAA Southern New England on Monday.
The auto club’s Sept. 26 survey found the average price of self-serve, unleaded regular at Ocean State stations was $3.68, down 5 cents from last week and 7 cents over the last two weeks. Prices had a 38 cent range, from $3.50 to $3.88.
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In Massachusetts, the average price was $3.55 – a 7 cent drop from a week earlier. Nationally, regular gas recorded an average price of $3.50.
According to Bloomberg News, gasoline and heating oil rose on speculation the European Central Bank will take further measures to address the region’s debt crisis, bolstering economic growth and fuel demand.
Futures advanced as the ECB will likely debate next week restarting covered bond purchases and other measures, a euro-region central bank official said, to contain the region’s 18-month debt crisis as Greece teeters on the brink of default.
“There’s optimism that Europe is moving closer to some action to resolve the Greek debt crisis,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
The reintroduction of 12-month loans to banks will also be discussed at the ECB’s Oct. 6 policy meeting, said the person, who spoke on condition of anonymity because the information is confidential, Bloomberg said.
The price of gasoline for October delivery rose 0.71 cent, or 0.3 percent, to $2.5618 a gallon at 9:39 a.m. on the New York Mercantile Exchange. Prices fell 8.2 percent last week.
October-delivery heating oil increased 0.04 cent to $2.7962 a gallon on the exchange. Prices fell 7.1 percent last week.
A year ago, gas prices in Rhode Island stood at $2.65 per gallon, $1.03 below Monday’s price.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.83 per gallon for midgrade unleaded, $3.96 for premium unleaded gasoline, and $3.93 for diesel.
