State lawmakers last night remained at odds on the future of Hawai'i's gasoline price cap law.

Today is the last day for a Senate-House conference committee to agree to suspend or repeal the controversial law. If no agreement is reached, the current wholesale price cap will remain in effect. Last night the two sides continued to debate whether to grant the governor power to implement a new price cap, and over details of what, if any, formula that will be used to set the maximum price for gasoline.

The Senate continued to push for a price cap formula that would set maximum wholesale prices about 15 cents to 20 cents lower than the current caps. Even if that cap is never implemented it would allow consumers to "see for themselves that the oil companies are charging too much, that they're being price gouged and therefore that pricing regulation at some point in time should be reinstated," said Sen. Ron Menor, D-17th (Mililani, Waipi'o), a key supporter of the gas cap.

House members remain skeptical over whether the the Senate's proposed cap will work.

Despite remaining differences there was hope that a deal that would remove the current caps would be struck by tonight's deadline.

"I'm optimistic that we can reach a compromise," said Rep. Hermina Morita, chairwoman of the Energy and Environmental Protection Committee.

The Democrat-controlled Legislature passed the cap in part to link Hawai'i's pump prices to the fluctuations found in more competitive Mainland markets.

The law took effect during a period when gasoline prices across the nation have been high.

It's unclear whether the caps that took effect in September have resulted in higher or lower pump prices. Still, momentum to pull the plug has grown as the price caps have failed to stem a surge in the price for regular in Honolulu to now well above $3 a gallon.

Reach Sean Hao at shao@honoluluadvertiser.com.