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Diesel Prices Rise for First Time in a Month

February 13, 2017

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Source: EIA
Source: EIA

Diesel prices increased for the first time in nearly a month but have overall remained nearly flat during the same period of time, according to the latest numbers from the Energy Department.

The average price of on-highway diesel fuel fell by 0.7 cents last week, settling at $2.565 per gallon at the pump. After peaking at nearly $2.59 per gallon in early January, the price has hovered around $2.56 per gallon for the past month. Compared to the same week in 2016, the price of diesel fuel is now 58.5 cents more expensive per gallon.

The largest increase in prices hit the Gulf Coast region, where prices jumped by 2.1 cents last week. While most regions saw price increases, diesel prices fell in the Midwest by 0.5 cents.

The average price of regular gasoline was also up last week, increasing 1.4 cents per gallon at the pump. The price is now 58.3 cents more expensive per gallon than it was in the same week a year ago.

Price changes varied by region with the largest increase in prices hitting the West Coast at 3.2 cents per gallon. The largest price decrease occurred in the Lower Atlantic region with a 1.1-cent drop for the week.

Crude oil prices were down again on Feb. 13 over the prospect of increased U.S. oil production, according to a MarketWatch Report.  

The major OPEC global oil producers have so far complied with an agreement to freeze and reduce oil production to stabilize the market. However, increased oil production in the U.S. has offset the expected price increases.

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