COLUMBUS, Ohio (WCMH) – As predicted last week by petroleum analysis experts, central Ohio got hit with another round of price-cycling, with the cost of gasoline jumping well above the $3 per gallon threshold.
According to GasBuddy’s survey of 500 stations in and around Columbus, Ohio, gas prices rose 14 cents in the last week to average out at $3.14 per gallon. The current price is 13.3 cents higher than four weeks ago but remains 31.6 cents lower than this time one year ago.
Columbus Gas Prices Tracker
The cheapest gas station in the Columbus area was priced at $2.72 a gallon on Sunday, while the most expensive was $3.30, a difference of $58 per gallon. In Ohio, the average price of gas also jumped by 13.2 cents from $2.92 per gallon to $3.05 per gallon
Nationally, gas prices did not budge, holding steady at $3.08 per gallon. The price of diesel dropped by 1.9 cents, settling in at $3.67 per gallon.
What is price cycling?
GasBuddy’s head of petroleum analysis Patrick De Haan says he expects more of the same in midwestern states, which typically go through larger, abrupt changes due to price-cycling strategies. Prices in Ohio, therefore, could experience a decline over the next couple of weeks.
“Price cycling markets once again led the biggest weekly price changes, with Ohio and Florida seeing a cycle and higher prices last week,” De Haan said. “For the majority of motorists in non-cycling states, gas prices will likely remain near current levels as we head toward Labor Day. However, it’s worth watching developments around a potential peace deal between Russia and Ukraine.”
