Gasoline Rises an Average of 3 Cents a Gallon

The overall retail price of gasoline jumped 3 cents per gallon in the past two weeks and will keep rising if retailers pass on their costs to consumers, the Lundberg Survey said Sunday.

The biweekly survey of about 16,000 gasoline stations nationwide showed the average price of all grades of gasoline, self-service and full-service, is now 90.96 cents per gallon.

The price reflects an increase of 3 cents per gallon in the period from Jan. 9 to Jan. 23.

“The amount of increase is virtually the same as occurred between Dec. 19 and Jan. 9, and more increases can be expected if retailers are able to pass through their higher wholesale prices to consumers,” survey publisher Trilby Lundberg wrote.

“The average wholesale price increased even more, translating to an apparent margin loss to the nation’s retailers of over a penny,” she said, adding the same margin loss was reported in the last survey.

“Despite the current upward price adjustments, the U.S. average pump price for gasoline is still over 29 cents a gallon lower than one year ago,” Lundberg said.

“Logically they should return to pre-1976 levels of $1.20 or more per gallon, but whether or when they do depends not only on the crude oil market, but on American motorists’ consumption choices and requirements,” she said.

At self-service pumps, which account for three quarters of all gasoline sales, the average price of regular unleaded, the biggest seller, is 83.39 cents a gallon, regular leaded is 78.75, and premium unleaded is 97.14.

At full-service pumps, regular unleaded is selling for an average price per gallon of $1.11.47, regular leaded at $1.06.01, and premium unleaded at $1.20.87.