According to the latest Lundberg Survey, the nearly three-month upward spiral in US gasoline prices broke in early March; with the past two weeks having witnessed a drop in the average price for regular gasoline at the country's pumps from 5.56 cents per gallon to $3.74 per gallon.

Going by the details shared by Lundberg Survey publisher Trilby Lundberg, in comparison with the figures of the last Lundberg report published on February 22, there was a 5½-cent drop - to $3.74 per gallon - in the average price of regular across the continental US on Friday, March 8.

About the fall in the average US gasoline prices on Friday, Trilby Lundberg said that the drop in prices had come after a nearly 54-cent increase in the gas priced since late December 2012.

As per the survey, which covered the period that ended March 8 and was based on information obtained at nearly 2,500 filling stations by the Camarillo, California-based company, the average had increased almost 48 cents December 21, 2012, and is almost 8 cents lower than the year-before average price of $3.82 per gallon.

Noting that the fall in average gasoline prices has come "after nine weeks of prices increasing," Trilby Lundberg - projecting further reduction in gasoline price in the future - said: "Both refinery margins on gasoline and retailer margins on gasoline appear healthy enough to allow for further price cuts."