PROVIDENCE – The average price of self-serve, unleaded regular gasoline increased by one penny in Rhode Island and Massachusetts, according to AAA Southern New England.
According to the auto club’s Sept. 12, the price of regular gasoline at Ocean State stations was $3.75, and it was $3.66 in Massachusetts. The national average was $3.65.
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Currently prices range from $3.62 to $3.90 in Rhode Island. A year ago, the average price was $2.66.
According to Bloomberg News, gasoline fell to a four-week low as speculation that Greece is nearing default sent equities tumbling, raising concern about growth and fuel demand.
Prices sank as France’s three largest banks tumbled on concern that Moody’s Investors Service will cut their ratings because of their Greek holdings. The Standard & Poor’s 500 Index slid 1 percent at 9:33 a.m. in New York. Europe’s recovery is “fragile” and sovereign-debt levels will keep rising through 2012, the European Commission said Monday.
“It looks as if the worries about European banks and exposure about Greek default knocked the equities down,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Conn. “And gasoline has really corrected coming off the weak demand over the summer.’’
Gasoline for October delivery fell 4.7 cents, or 1.7 percent, to $2.724 a gallon at 9:34 a.m. on the New York Mercantile Exchange, the third consecutive decline. Prices touched $2.7149, the lowest intraday level since Aug. 10.
Gasoline demand, measured by deliveries to wholesalers, fell 3 percent in the week ended Sept. 2 to an average 8.96 million barrels a day, the lowest level since May 6, according to Energy Department data.
Heating oil for October delivery dropped 4.3 cents, or 1.4 percent, to $2.9428 a gallon a gallon on the exchange. Prices touched $2.9275, the lowest intraday level since Aug. 23, Bloomberg reported.
At service stations in Rhode Island this week, the survey found average self-serve prices of $3.89 per gallon for midgrade unleaded, $4.02 for premium unleaded gasoline and $3.96 for diesel.
