PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island declined 6 cents to $3.38 per gallon this week. That average is 2 cents higher than the national average, AAA Northeast said on Monday.
Oil prices closed lower last week for the third straight week, reaching prices not seen since midsummer, the agency. Meanwhile, gas prices have fallen below $3 per gallon in 12 states as demand remains cool and at levels typically associated with the depths of winter.
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“Oil prices have fallen sharply in recent weeks as markets react to concerns about weak global demand and growing sentiment that interest rates could stay elevated through the rest of the year,” said AAA Northeast senior spokesperson Mark Schieldrop. “A lower oil price paves the way for cheaper gas as we approach the busy Thanksgiving holiday period.”
Midgrade gas in Rhode Island averages $4.00 per gallon, premium gas averages $4.34 per gallon and diesel fuel averages $4.43 per gallon, AAA Northeast said.
The price of regular gas in Rhode Island one year ago was $3.84 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gasoline is $3.46 per gallon, down 5 cents from last week.
Midgrade gas in the Bay State averages $4.03 per gallon, premium gas averages $4.38 per gallon and diesel fuel averages $4.42 per gallon.
The price of regular gas in Massachusetts one year ago was $3.86 per gallon.
