Fuel Prices Continue to Inch Lower

Fuel prices throughout the Big Island continue to inch their way down in average costs.

This week, gas prices have continued to drop small and steadily from Hilo to Kona.

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

In Hilo, regular fuel was an average of $2.67 Monday, a drop of two cents compared to last week. Mid-grade fuel dropped in average by three cents to $2.76, and the premium fuel average was $2.89, a drop of three cents compared to last week.

One month ago, regular fuel was 12 cents more expensive at $2.79. Mid-grade and premium fuel were both 11 cents more just one month ago, sitting at $2.87 and $3.00, respectively.

Average fuel prices compared to the same week in November 2014 remain down by more than one dollar. At this point last year, regular fuel and mid-grade fuel in Hilo cost an average of $1.10 more, with regular fuel at $3.77 and mid-grade fuel at $3.86. Premium gas cost $1.09 more last year at $3.98.

As with recent weeks, gas prices in Kailua-Kona have followed Hilo fuel trends closely.

Big Island Now’s calculation of Gas Buddy data from Kailua-Kona shows that regular fuel was an average of $2.96 Monday, one cent less than what was reported last week and a total of five cents down from numbers two weeks ago. Mid-grade gasoline was an average of $3.06, a one-cent increase in costs compared to last week, and just a four-cent overall decrease in numbers from two weeks ago. Premium fuel also saw a slight rise by two cents to $3.16, balancing out to an eight-cent decrease over the past two weeks.

In Honolulu, the average price of regular fuel was once again only lower than Hilo’s average by one cent, the same difference seen for the past two weeks. Kona’s regular fuel average was 30 cents more than Honolulu’s number, a doubled difference when compared to last week. Oahu fuel buyers are paying $2.66 for fuel, dropping four cents in average compared to last week.

Diesel buyers in Hilo were paying an average of $4.14 on Tuesday. The price trickled down by two cents while Honolulu diesel buyers were paying $4.34, a penny more than last week.

The national average for regular fuel on Monday was $2.04, a three-cent decrease compared to last week and 10-cent drop in two weeks. The national average is 63 cents less than Hilo’s average this week and 92 cents less than Kailua-Kona’s prices.

“Gasoline prices over the weekend and holiday were certainly quite cheap compared to prior years and other holidays this year,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While some cities and states may see some slight bumps at the pump in the days ahead thanks to the fallout of the downing of a Russian fighter jet last week, we’re more focused on the upcoming OPEC meeting this coming weekend and the potential implications from any major change in oil production.

“There are expectations that OPEC will continue to kick the can down the road and not change production levels. If there are surprises either way, it could definitely be felt at the pump and into 2016.”

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