Hawaii lawmakers May 3 agreed to put off the implementation of a gasoline price cap.

Both houses passed the bill to delay the start of the state’s unique gas price cap law for 14 months to further study its impact and make any additional changes. It now heads to Gov. Linda Lingle for final approval.

The new cap was brought before the Legislature in response to a gas cap law approved by lawmakers in 2002, but wasn’t scheduled to go into effect until July of this year. The delay will put off implementation until Sept. 1, 2005.

The amended price-cap formula is intended to ease Hawaii’s inflated gas prices by tying the prices to a weekly national average instead of a West Coast benchmark, the Honolulu Star-Bulletin reported.

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. SB3193 also removes the cap on retail gas and extends the wholesale price ceiling to all grades of gasoline, not just for regular unleaded, as currently provided. Dropped from the bill’s final version was a provision to include diesel fuel.

The bill also authorizes the state’s attorney general to investigate any gas shortages resulting from the caps.