US gasoline prices retreat below $5 after crude oil dives 6%

US gasoline prices dove below $5 per gallon level on Saturday, after American crude oil prices posted a 6% daily loss with recession fears and weak oil demand.

The national average stood at $4.989 per gallon (3.785 liters) for regular gasoline, down from $5 the previous day and $5.004 a week ago, according to the latest figures from the American Automobile Association (AAA).

The latest price, however, is still a 9.2% increase from $4.567 last month and a massive 62.3% gain from $3.073 a year ago, according to data compiled by Anadolu Agency.

While the price of premium gasoline stood at a national average of $5.684 per gallon, the average price of diesel was at $5.811 in the US as of Saturday.

The highest price was recorded in the state of California at $6.408, followed by Nevada at $5.656.

The price decline came after the American oil benchmark Brent crude dove 5.2% to $113.61 per barrel on Friday, while the international oil benchmark Brent crude plummeted over 6% to $110.48 a barrel.

The US Federal Reserve and some of the central banks' aggressive monetary tightening around the world have intensified fears of recession and weak oil demand worries.

High gasoline prices have been increasing inflationary pressures for months in the US, where annual consumer prices in May climbed 8.6%-its largest gain since December 1981.