PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped 3 cents to $3.53 per gallon this week. That is 5 cents less than the national average, AAA Northeast said on Tuesday.
Since mid-May, gasoline prices have been falling. Price declines have been driven by oil prices hovering around $80 a barrel, weak global oil and gas demand and uncertainty about the pace of anticipated federal interest rate cuts, according to AAA.
A recent surge in demand could soon push prices higher if it continues.
“The latest [Energy Information Administration] data shows gasoline demand reached 9.3 million barrels a day – the highest level of 2024 to date – the week ahead of the [Memorial Day] holiday, and numbers from the weekend are expected to show strong demand,” said Jillian Young, director of public relations for AAA Northeast. “However, it will take several weeks of strong, sustained demand to put a dent in inventories. Currently, domestic refiners are producing upwards of 10 million barrels a day of motor fuels.”
Midgrade gas in Rhode Island averages $4.14 per gallon, premium gas averages $4.49 per gallon and diesel fuel averages $4.21 per gallon, AAA Northeast said.
A year ago, the price of regular gas in Rhode Island was $3.52 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas dropped 2 cents, to $3.53 per gallon.
Midgrade gas in the Bay State averages $4.06 per gallon, premium gas averages $4.43 per gallon and diesel fuel averages $4.12 per gallon.
A year ago, the price of regular gas in Massachusetts was $3.52 per gallon.