The state's wholesale gas cap will be cut by 3 cents a gallon on Monday, the Hawai'i Public Utilities Commission said.

The cap decline is the first in three weeks and most likely will result in retail prices declining. Yesterday, Costco Wholesale, one of the state's lowest-priced stations, was charging $2.43 for a gallon of regular on O'ahu, according to Honolulugasprices .com.

The state set next week's wholesale cap for a gallon of regular at $1.8568 for Honolulu and at $1.9978 for Kaua'i.

For Maui the cap is scheduled to fall to $1.9958 for areas excluding Hana. In Hana, it is set at $2.0758.

Moloka'i's rate was set at $2.1038 and Lana'i's at $2.1948.

On the Big Island, Hilo's cap will be $2.0048 and Kona's will be $2.0238.

Retail prices include taxes and a markup determined by station owners.