LOS ANGELES (October 7, 2012)--The price of gasoline has hit an all-time average high in California of a little more than $4.61 a gallon, fueled by a reduced supply and a volatile market, and AAA says the price sets the record by just a fraction of a penny.

The previous high was in June of 2008.

Prices throughout the state are expected to increase for several more days before leveling off, after a temporary reduction in supply triggered a price spike.

AAA's Daily Fuel Gauge report released Saturday said the average price for a gallon of regular unleaded across California rose 12 cents from its Friday mark of about $4.49.

The Golden State leapfrogged Hawaii as the state with the most expensive fuel.