The statewide average increased 13 cents from last week and is $1.24 higher than this time last year. The current New Mexico average also sits slightly above the national average of $4.10 per gallon.
Among New Mexico’s major metro areas, Farmington recorded the highest average gas price at $4.44 per gallon, while Las Cruces had the lowest at $4.04 per gallon.
AAA reported price increases in all four metropolitan areas it tracks across the state:
- Santa Fe: up approximately 22 cents
- Farmington: up approximately 21 cents
- Albuquerque: up approximately 16 cents
- Las Cruces: up approximately 1 cent
According to AAA, the increase comes despite a decline in national gasoline demand and a rise in gasoline inventories.
Analysts say higher crude oil prices continue to put pressure on fuel costs. West Texas Intermediate crude oil settled at $85.83 per barrel, while ongoing instability in the Strait of Hormuz has contributed to market uncertainty.
AAA New Mexico spokesperson Daniel Armbruster said seasonal trends that typically help lower prices late in the summer are being offset by elevated oil prices.
The latest increase comes as many New Mexicans continue summer travel and prepare for upcoming Labor Day trips.
