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US avg. retail gasoline price falls to $1.542/gal

WASHINGTON, Oct 27 (Reuters) - Americans saw retail gasoline prices fall by an average 2.9 cents to $1.542 per gallon, the eighth decline in the past nine weeks, the U.S. government said on Monday.

A weekly survey of service stations by the Energy Information Administration showed the average pump price remained 9.8 cents a gallon higher than one year ago.

The average U.S. pump price was the highest on the West Coast where prices fell 2.8 cents to an average of $1.702 per gallon, the EIA said.

The U.S. Gulf Coast continued to have the cheapest gasoline last week with the retail cost falling 1.6 cents to $1.414 a gallon.

Among the major urban areas highlighted by the EIA, Houston pump prices were the cheapest at $1.371 per gallon, down 1.2 cents. San Francisco was the most expensive city even though prices fell 3.1 cents to $1.795 per gallon.

The national price for cleaner-burning reformulated gasoline, sold at about one-third of the gas stations in cities and smoggier areas, fell 2.8 cents to $1.634 a gallon.

U.S. diesel prices fell 0.7 cents to an average $1.495 per gallon last week, the EIA said. The average cost for a gallon of diesel is 3.9 cents per gallon more expensive than one year ago.

Crude oil prices account for 44 percent of the cost of gasoline.

In futures trading in New York on Monday, crude for December delivery expired at $29.88 a barrel, down 28 cents.