Diesel prices continued their upward trend this week, rising an alarming 7.5 cents to hit a new post-2008 high of $3.513.
It was the largest week-to-week price increase since April 2010, the Department of Energy noted on Monday in its weekly price roundup.
Overall, diesel is up 74.4 cents per gallon compared to the same timeframe one year ago.
Crude-oil futures, on the other hand, settled at their lowest price in more than a week Monday on indications that tensions in Egypt are easing, and fears of significant supply disruptions ar minimized. While Egypt is not a major oil producer, it is home to the Suez Canal and Sumed pipeline -- both major energy thoroughfares. Market participants also worried that the crisis could spread to major oil producers elsewhere in the region.
As tensions were building in Egypt last week, crude oil rose to post-2008 high of $92.19 in New York.
On Monday, light, sweet crude for March delivery fell $1.55, or 1.7 percent, to settle at $87.48 a barrel on the New York Mercantile Exchange, the lowest settlement since Jan. 27, Bloomberg reported. Brent crude on the ICE futures exchange slipped below the key $100-a-barrel threshold, settling down 58 cents at $99.25 a barrel.
Overall, crude prices are down 3.4 percent over the last two trading sessions.
Gasoline prices followed diesel's lead this week, rising 3.1 cents per gallon. This week's hike marks the steepest week-to-week increase noted since early December.
The national average pump price for diesel fuel in Canada, as reported by M.J. Ervin and Associates for the week of February 1, was $1.16 per liter, or $4.39 per gallon. That's up a nickel a liter from the previous week.
Weekly Retail On-Highway Diesel Prices
(Dollars per gallon, including all taxes)
Current Price / + From Last Week / + From Last Year
U.S: 3.513 / +0.075 / +0.744
East Coast: 3.565 / +0.071 / +0.746
New England: 3.717 / +0.084 / +0.703
Central Atlantic: 3.682 / +0.071 / +0.762
Lower Atlantic: 3.501 / +0.069 / +0.744
Midwest: 3.475 / +0.076 / +0.751
Gulf Coast: 3.455 / +0.071 / +0.726
Rocky Mountain: 3.459 / +0.063 / +0.677
West Coast: 3.630 / +0.097 / +0.770
California: 3.707 / +0.095 / +0.787
