PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 4 cents to $3.14 per gallon this week. That is 9 cents lower than the national average, AAA Northeast said on Monday.
The agency said Northeast gas prices are rising because oil refineries across the country are pumping the brakes on gasoline production for both planned and unplanned downtime. Also, nationwide, refinery utilization – a measure of how much crude oil refineries are processing – reached the lowest level in more than a year, according to the Energy Information Administration. That led to a major build in crude inventories and a decline in the robust reserves of winter blend fuel that have been keeping a lid on prices since the start of the new year.
“A few weeks ago, refiners were concerned about weak demand and a potential oversupply of winter-blend gasoline as we approached the spring, but those fears are quickly dissipating,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Gas prices are likely to increase as more refineries undergo seasonal maintenance, especially with ongoing tensions in the Middle East putting upward pressure on oil prices.”
Midgrade gas in Rhode Island averages $3.75 per gallon, premium gas averages $4.10 per gallon and diesel fuel averages $4.22 per gallon, AAA Northeast said.
A year ago, the price of regular gas in Rhode Island was $3.33 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas increased 2 cents to $3.18 per gallon.
Midgrade gas in the Bay State averages $3.73 per gallon, premium gas averages $4.09 per gallon and diesel fuel averages $4.18 per gallon.
A year ago, the price of regular gas in Massachusetts was $3.35 per gallon.