SOUTHLAND – (INT) – Rising gasoline prices may be peaking.

As OPEC and other international oil producers have reached a firm production agreement, oil prices and wholesale prices immediately dropped by about six percent. The result caused local retail price increases to slow to just one cent for the second consecutive week, according to the Automobile Club of Southern California.

The retail statewide average remained flat at $4.32 a gallon for 87 octane regular.

In Riverside, the average per-gallon price is $4.27, which is nine cents higher than last month, and $1.17 higher than last year.

“Our markets have seen flatter prices in the past two weeks because of concerns over increased COVID cases and the possibility of higher oil production in the future,” said Auto Club spokesman Jeffrey Spring. “However, demand remains strong, so we are still seeing slight price increases.

Story Date: August 5, 2021