Northeast gasoline prices are taking a pit stop as demand remains soft and continues to track below year-ago levels. 

At the same time, regional gasoline inventories increased by more than 600,000 barrels last week, bolstering already ample supplies that now stand more than 2 million barrels above the same time last year. The price of oil is also a factor: U.S. oil production matched an all-time high last week, helping to send prices lower.

 The average gas price in Rhode Island is a penny lower than last week, averaging $3.13 per gallon. Monday’s price was 11 cents higher than a month ago, and 14 cents lower than Feb. 26, 2023 . Rhode Island’s average gas price is 13 cents lower than the national average.

 “The seasonal trend of price increases ahead of spring is paused, for now,” said Mark Schieldrop, Senior Spokesperson for AAA Northeast. “Prices could be wobbly over the next few weeks as we creep our way out of winter and get closer to when refineries switch to producing summer blend fuel.”

 AAA Northeast’s Feb. 26 survey of fuel prices found the current national average to be a penny lower than last week averaging $3.26 a gallon. Monday’s national average price was 16 cents higher than a month ago  and 10 cents lower than the same day last year