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.