Fuel Averages Trickle Down

Fuel prices around the island continue to decline.

It may just be a few cents each week, but over the past month, fuel prices in Hilo have dropped by ten cents, with Kona prices trailing closely.

The steady levels of decrease continue this week as fuel price averages fall.

Using numbers from AAA’s Fuel Gauge Report, along with Gas Buddy Data, Big Island Now continues to track fuel prices on the Big Island.

In Hilo, regular fuel was an average of $2.60 Monday, a drop of three cents compared to last week. Mid-grade fuel dropped in average by one cent to $2.71, and the premium fuel average was $2.83 Monday,  dropping three cents compared to last Monday’s numbers.

One month ago, regular fuel in Hilo was averaging 12 cents more than its current price, at $2.72. Mid-grade and premium fuels were 10 and 11 cents more just one month ago, sitting at $2.82 and $2.94, respectively.

Average fuel prices compared to the same week in December 2014 are lower in average by nearly one dollar. At this point last year, regular fuel in Hilo cost $0.99 more at an average of $3.61. Mid-grade fuel cost an average of $1.03 more at $3.69. Premium gas cost $0.97 more on average last year at $3.80.

Fuel in Kona saw a sizable decrease this week. In comparison with data from two weeks ago, fuel dropped by as much as 16 cents.

Big Island Now’s calculation of Gas Buddy data from Kailua-Kona shows that regular fuel was an average of $2.84 Monday, five cents less than what was reported last week and a total of 12 cents down from numbers two weeks ago. Mid-grade gasoline was an average of $2.95, a four-cent decrease in cost compared to last week, and an 11 cent overall decrease from two weeks ago. Premium fuel also saw a drop in average at $3.04, four cents less than last week and a drop of 12 cents over the past two weeks.

In Honolulu, the average price of regular fuel was three cents less than in Hilo and 27 cents less than Kona’s average. Honolulu fuel purchasers are paying an average of $2.57 on Monday, one cent less than last week.

Diesel buyers in Hilo were paying an average of $4.17 on Monday. The average went up by eight cents in the past week. Honolulu diesel buyers were paying an average of $4.30, three cents less than last week.

The national average for regular fuel on Monday was $2.01, a two-cent decrease compared to last week and three-cent drop in two weeks. The national average is 59 cents less than Hilo’s average this week and 83 cents less than Kailua-Kona’s prices.

“We are going to end this year with the lowest gas prices since 2008, and people want to know can it get even lower?  Yes, it can,” says Jeff Pelton, senior petroleum analyst for GasBuddy. “There is simply too much crude oil out there for gas prices not to decline.

“The national price decline has stalled and recently nudged up a hair based on localized spikes in the Great Lakes region.  But, the good news is this too shall pass.  Expect refineries to do their part to get through the glut of crude on hand and that will put pressure on gas prices to fall the next month or so.  Unfortunately, not only does Spring bring with it more accommodating weather, it also brings higher gas prices based upon the 1-2 punch of Spring maintenance and the switch-over to more expensive summer blends.”

Club member-only prices, such as Costco and HFN, are excluded from this analysis and its averages.