R.I., Mass gas prices drop amid falling oil demand

THE AVERAGE price of self-serve, regular unleaded gasoline in Rhode Island decreased to $3.60 per gallon on Monday, 10 cents less than last week but still 20 cents higher than the national average, according to AAA Northeast. / ROGELIO V. SOLIS / ASSOCIATED PRESS FILE PHOTO

PROVIDENCE – The average price of self-serve, regular unleaded gasoline in Rhode Island decreased to $3.60 per gallon on Monday, 10 cents less than last week but still 20 cents higher than the national average, according to AAA Northeast.  

Monday’s price is 23 cents more than a month ago and 20 cents higher year over year.      

According to AAA, the recent steep plunge in domestic gas prices may be affected by the results of Sunday’s meeting of OPEC+, a group of 23 oil-producing nations, including Saudi Arabia and Russia. Domestic gasoline prices have dropped 26 cents nationally in the past two weeks. However, OPEC+ decided Sunday to maintain output cuts of 2 million barrels per day, about 2% of world demand. The purpose of the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China. Regardless, the national average pump price for a gallon of gas dropped 14 cents in the past week to $3.40. 

“Gas prices are dropping sharply and are only a nickel more per gallon nationally than a year ago,” said Diana Gugliotta, director of public affairs for AAA Northeast. “But with oil being the main ingredient in gasoline, OPEC+’s move could slow this decline. However, the gas price will likely soon be lower than it was a year ago.” 

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Midgrade gas in Rhode Island averaged $4.20 per gallon on Monday. 

Premium gas averaged $4.53 per gallon.     

Diesel fuel averaged $5.67 per gallon.    

In Massachusetts, the average price of regular gas decreased 10 cents from a week ago to $3.66 per gallon. One year ago, the average price for regular unleaded gasoline in the Bay State was $3.41 per gallon.      

Midgrade gas in Massachusetts averaged $4.23 per gallon on Monday.   

Premium gas averaged $4.57 per gallon.   

Diesel fuel averaged $5.63 per gallon. 

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