RI Gas Prices Drop, But Fluctuations Expected In Coming Months

PROVIDENCE, RI — For the first time in weeks, gas prices dropped in Rhode Island.

After hitting a record $4.33 on March 11, the national average for a gallon of gasoline fell to $4.25 on Monday.

A spokesperson for AAA Northeast in a statement said the primary reason for the price dip was a decrease in the global price of crude oil. The price peaked shortly after Russia invaded Ukraine, but has since dropped by more than $20 per barrel.

"Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road," said Lloyd Albert, a senior vice president for AAA Northeast. "But demand was down slightly last week, likely due in part to higher pump prices. As geopolitical tensions continue unabated, we can expect to see more volatility in oil prices, leading to significant fluctuations in the price of gasoline and diesel in the near-term."

As of Monday, the average price at the pump in Rhode Island was 4.22 per gallon, down 13 cents from a week ago, according to AAA. But that's still 68 cents higher than the price at the pump was a month ago and $1.44 more than March 21, 2021.

Rhode Island's gas prices have continued to stay below the national average amid the global tension. The Ocean State's prices are also lower than neighboring states. In Massachusetts, the average price is $4.26, while in Connecticut, it's $4.33.