Diesel Price Hits New Low as Oil Market Declines

FuelNuts & Bolts
Written By Jennifer Joslyn

🚛 Diesel Price Hits New Low as Oil Market Declines.

For the 20th time in 22 weeks, the benchmark price of diesel, commonly used for fuel surcharges, has decreased. The Department of Energy/Energy Information Administration reported a 3.4 cents per gallon decline, bringing the price down to $3.767, the lowest since January 2022. Over the past several months, the price has dropped by 85.5 cents per gallon, indicating a significant downward trend. In addition to these price declines, the spot market differentials, which determine wholesale diesel prices in specific regions, are also weakening. The spot market prices in various markets, including the Buckeye Pipeline complex and Chicago, have witnessed sharp falls. This reduction in spot diesel differentials is already impacting prices, with wholesale diesel prices in Philadelphia decreasing by more than 14 cents per gallon.

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Jennifer Joslyn
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