PROVIDENCE – The average price of self-serve, regular unleaded gasoline in Rhode Island decreased to $4.90 per gallon, 7 cents less 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 $2.99 per gallon.
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The agency said a drop in the global price of oil helped the national average for a gallon of gas to fall for a second week, to $4.89. Economic fears of a potential global recession leading to less demand for oil dropped the price to around $107 per barrel, down from $110 last week.
“Fear is not a good reason to move a market like the one for oil, but it is a powerful motivator,” said Lloyd Albert, senior vice president of government and public affairs for AAA Northeast. “The cost of oil accounts for nearly $3 for every $4.89 at the gas pump. Consumers should find more relief when fueling up if oil prices drop further.”
Midgrade gas in Rhode Island averaged $5.39 per gallon Monday.
Premium gas averaged $5.69 per gallon.
Diesel fuel averaged $6.19 per gallon.
In Massachusetts, the average price of regular gas fell 7 cents from a week ago to $4.93 per gallon.
One year ago, the average price for regular unleaded gasoline in Massachusetts was $2.98 per gallon.
Midgrade gas in Massachusetts averaged $5.31 per gallon Monday.
Premium gas averaged $5.61 per gallon.
Diesel fuel averaged $5.79 per gallon.
