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Diesel prices surge 9.9¢ in a week, hitting $3.905 a gallon, marking the largest increase since March 2022.
The national average price of on-highway diesel has soared by 9.9 cents, hitting $3.905 per gallon, marking the most substantial one-week increase since March 2022.
This significant leap comes after a week of no price fluctuation, as reported by the Energy Information Administration (EIA). All ten regions surveyed by the EIA noted a rise in diesel prices. On a related note, the national average gasoline price also climbed, increasing by 3.7 cents to reach $3.596 per gallon. This fluctuation in fuel costs impacts various sectors, from logistics and transportation to consumer goods pricing.
Source: Transport Topics
Perspective on this week's increase in the DOE/EIA benchmark #diesel price: since Ukraine invasion, it's only the 9th highest. But for the 10 years prior, it would be the third highest, behind two times during hurricanes. This was a big, big move. pic.twitter.com/tf54dnSe9C
— John Kingston (@JohnHKingston) July 24, 2023
National average diesel price rises for the third week, up by 43.3¢ since July 17. Diesel now 75.4¢ cheaper than the same period in 2022.
The national average diesel price sees a dramatic increase, soaring by 22.2 cents to hit $4.127 per gallon.
Diesel prices see a significant decline due to weakening spot market differentials and reduced oil exports from Russia and Saudi Arabia. Amidst China's shrinking oil demand and economic challenges, the global oil market faces a period of uncertainty.
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