Honolulu gasoline prices are continuing to fall, reaching a 10-month low of $3.34 for a gallon of regular yesterday.

AAA Hawaii said there was a 20 percent decline in gasoline prices in Honolulu during the past week. Records shows the price is the lowest since mid-December.

The overall statewide gasoline rate fell by 23 cents during the past week to $3.43 a gallon as prices fell for a fifth consecutive week.

"The acceleration of the price decline mirrors the Mainland's experience and is due to a continued drop in demand worldwide which has forced oil prices down," said Richard Velazquez, AAA Hawaii Region manager in a press statement.

The state still has the second-highest prices nationally, trailing only Alaska, where the average statewide price was $3.50 a gallon. The cheapest gasoline was in Oklahoma, where drivers were paying an average of $2.14.

Other figures released by AAA show Hilo's price had dropped 13 cents in the past week to $3.60 a gallon.

In Wailuku, prices tumbled 32 cents to $3.78.

Prices reported by AAA are derived from credit card data taken from fleet vehicle purchases at 85,000 stations nationwide. The organization does not have transaction data for Kaua'i.