After a steady decline in the first half of 2023, diesel prices have finally leveled out in recent weeks.
Since June, diesel prices have fluctuated between $3.77 and $3.82 per gallon.
The latest report from the Energy Information Administration reveals that the national average for on-highway diesel is now $3.81 per gallon, only 0.9 cents higher than at the start of June. Although fuel prices saw a 3.9-cent increase during the week ending July 10, this was expected due to the Independence Day holiday, causing broker-posted spot rates for dry van and reefer to decline.
Interestingly, diesel prices only dropped in two regions – New England and Rocky Mountain – during the week ending July 10. In contrast, prices increased across the rest of the country. The largest increase occurred in the Lower Atlantic region, with a significant jump of 6.8 cents.
Currently, California boasts the highest fuel prices at $4.82 per gallon, followed closely by the West Coast (excluding California) at $4.15 per gallon.
For budget-conscious drivers, the cheapest diesel can be found in the Gulf Coast region at $3.51 per gallon, closely followed by the Midwest region at $3.74 per gallon.
Prices in other regions, according to EIA, are:
- New England — $4.07
- Central Atlantic — $4.08
- Lower Atlantic — $3.75
- Rocky Mountain — $3.94
During the most recent week, ProMiles recorded a decrease in diesel prices, aligning with the EIA data. The cost per gallon dropped by 1.5 cents and now stands at $3.84.
Based on the ProMiles Fuel Surcharge Index, California has the highest diesel prices at $4.97 per gallon, while the Gulf Coast region offers the cheapest rates at $3.47.
Although spot rates experienced their usual drop during the July 4 holiday, it wasn’t as significant as previous Independence Day weeks. According to FTR Transportation Intelligence and Truckstop’s weekly report, the broker-posted rate only decreased by nearly 2 cents, which is impressive for this holiday period.
This limited decline can be attributed to smaller-than-usual decreases in van rates and a rare increase in flatbed rates. In comparison to the same week in 2022, the total market rate was approximately 20% lower and about 5% below the five-year average. This year-over-year comparison marks the least negative change since March.
Source: Overdrive
