The state's wholesale gasoline cap will tumble 8.4 cents next week, the Hawai'i Public Utilities Commission announced yesterday.

The agency lowered the cap to $1.768 for a gallon of regular on O'ahu from $1.8522. The new price ceiling will go into effect Monday.

The cap is declining for a sixth consecutive week, reflecting lower wholesale prices on the Mainland. The cap only regulates prices charged by wholesalers and distributors and doesn't limit what stations can charge.

Retail prices generally have followed the wholesale changes and could fall below $2.50 a gallon at Honolulu's lowest priced stations such as Costco.

The new price limit for other areas in the state includes: $1.909 for Kaua'i; $1.907 for Maui, excluding Hana; $2.015 for Moloka'i; $2.106 for Lana'i; $1.916 for Hilo; and $1.935 for Kona.

Hawai'i's gas and diesel prices are the highest in the nation. The average price for a gallon of regular was $2.773 on Tuesday, according to the American Automobile Association. The national average was $2.276.