PROVIDENCE – The average price of self-serve, regular unleaded gasoline in Rhode Island increased to $5.02 per gallon, 8 cents more than last week and 1 cent higher than the national average, AAA Northeast said on Monday.
One year ago, the average price for regular unleaded gasoline in Rhode Island was $2.97 per gallon.
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Learn MoreThe agency said the cost of a barrel of oil remains elevated, as demand continues to outpace global supply despite ongoing releases from the Strategic Petroleum Reserve. Meanwhile, domestic gasoline demand hasn’t weakened significantly enough to affect crude oil prices. All eyes will be on domestic gasoline demand over the next few weeks to see if record prices force consumers to cut back.
“With gas prices near or above $5, and inflation at a four-decade high, many consumers will begin to change their driving habits, but demand is still high,” Lloyd Albert, senior vice president of government and public affairs for AAA Northeast, said in a statement. “After two consecutive summers of restricted travel and socialization, Americans seem more reluctant to stay home in spite of strain on their budgets.”
Midgrade gas in Rhode Island averaged $5.46 per gallon Monday.
Premium gas averaged $5.75 per gallon.
Diesel fuel averaged $6.27 per gallon.
In Massachusetts, the average price of regular gas increased 8 cents from a week ago to $5.04 per gallon.
One year ago, the average price for regular unleaded gasoline in Massachusetts was $2.94 per gallon.
Midgrade gas in Massachusetts averaged $5.40 per gallon Monday.
Premium gas averaged $5.69 per gallon.
Diesel fuel averaged $6.19 per gallon.