The U.S. average price for on-highway diesel lost 0.7 cents over the past week, dipping to $3.918, its fifth consecutive weekly decline, the Energy Department reported on Monday.
Diesel now sits 4.6 cents lower than it was one month ago, but 4.9 cents higher than it was the same week a year ago. It's also 10.3 cents below its recent Mid-march peak of $4.021.
Prices were down in all regions of the country except the Golf Coast region, where the price held steady from last week.
On-highway diesel prices. Credit: U.S. DOE
The highest average price in the country was in the New England region at $4.124, while the lowest prices were in the Gulf Coast region at $3.783. Price fluctuations from the previous week were less than a cent in all regions except the Central Atlantic, where this week's decline was 0.011 cents.
The average pump price for regular unleaded gasoline this week is $3.690, up 0.016 from the week before. Gasoline was slightly higher in most regions of the country except the East Coast where in trended downward by about 1 cent per gallon. The national average gasoline price is now 4.4 cents higher than it was the same week last year.
Meantime, West Texas Intermediate crude for July delivery slipped 24 cents Monday, settling at $102.47 in New York. Bloomberg News reports it was the lowest since May 20. Analysts say the recent 75,000-barrel production hike by OPEC is putting downward pressure on pricing.