April 29, 2003 10:12 AM, EDT

U.S. Average Diesel Price Declines 2.1 Cents to $1.508

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he average price of retail diesel fuel declined 2.1 cents per gallon to $1.508, the U.S. Department of Energy reported Monday.

This was the seventh straight week the price of commercial trucking's dominant fuel has declined. The 26.3-cent drop since DOE's March 10 survey left diesel at its lowest price since Jan. 27.

However, diesel is still 20.6 cents higher than the corresponding week a year ago.

DOE also said the average U.S. retail price for gasoline fell for a sixth week, declining 1.7 cents to $1.557 per gallon.

Diesel declined throughout the entire United States, with largest drop -- 4.6 cents -- coming along the West Coast grouping of states, where the price was $1.56.

The cheapest diesel remained in the Gulf Coast region, at $1.419.

Meanwhile, the price of crude oil declined on Monday to a five-month low in New York on expecations U.S. inventories will increase even after production cuts by OPEC take effect in June, Bloomberg reported.

If the price of oil continues to slide, it likely would mean lower diesel fuel and gasoline prices.

Each week, DOE surveys 350 diesel-filling stations to compile a national snapshot price of diesel and gasoline.