The Hawaii Senate gave final approval March 9 to the latest version of a fuel-cap bill designed to control the wholesale price of fuel.

Sen. Ron Menor, D-Mililani, introduced the amended price-cap formula to ease Hawaii’s inflated fuel prices by tying the prices to a weekly national average instead of a West Coast benchmark, the Honolulu Star-Bulletin reported.

The new cap, which has been forwarded to three House committees for consideration, was brought before the Legislature in response to a gas cap law approved in 2002, but doesn’t go into effect until July of this year.

Last summer, prices in the Western United States rose above Hawaii’s average, meaning the law would have driven prices up had it been in effect.

The new version would take a less volatile national spot price, as reported by the Oil Price Information Service. Menor’s proposal – SB3193 – also calls for price caps on all grades of gasoline and diesel fuel, not just for regular unleaded, as currently provided.

Gov. Linda Lingle opposes the price cap but has indicated she won’t stand in the law’s way.