The U.S. retail diesel average fell for the 11th consecutive week, dropping 4.1 cents a gallon to $2.071, while in two regions of the country average prices dropped below $2 a gallon, the Department of Energy reported Jan. 25.
Trucking’s main fuel is 79.5 cents a gallon cheaper than a year ago and remains at its lowest level since March 9, 2009 when it was at $2.051, DOE said after its survey of fueling stations.
Diesel fell in all regions of the United States, and dropped the most, 5.7 cents to $1.957, in the Gulf Coast region.
It fell below $2 to $1.987 in the Midwest, down 3.6 cents from a week earlier.
The last time diesel was below $2 in both regions was March 16, 2009, when the price in the Midwest was $1.964 and in the Gulf Coast was $1.974, EIA said.
The average retail price of gasoline fell to $1.856, down 5.8 cents from Jan.18, and 18.8 cents cheaper than a year ago when it was $2.044.
Also on Jan. 25, crude oil futures closed on the New York Mercantile Exchange at $30.34, up $1.88 cents from a week earlier when the closing price was $28.46.
Jake Zuanich, president of the fuel-card provider P-Fleet, told Transport Topics oil prices and diesel prices are highly correlated. “But as the crude oil price changes it takes time for that to be fully recognized in the market, especially in retail locations.”
That can leave fleets facing a “barrage” of different pricing information at a time when fuel margins are “historically as high as they have ever been,” he said.