The price of diesel has fallen by 82.4 cents per gallon compared to the same period last year. (Archive photo from Transport Topics)
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The national average price of diesel in the U.S. fell 3.7 cents to $3.651 per gallon, according to data from the Energy Information Administration on Aug. 26.
This is the seventh consecutive week of price declines. The cumulative decline since mid-July is 21.4 cents.
Highlights
Year after year: The national average price decreased by 82.4 cents compared to the same period last year. Regionally, the Rocky Mountain region and the West Coast (excluding California) saw the largest year-over-year declines, with decreases of $1.05 and $1.08 per gallon, respectively.
Petrol update: The national average price for a gallon of gasoline fell 6.9 cents to $3.313 per gallon, down 50 cents from this time in 2023.
US on-highway diesel fuel prices
US Energy Information Administration
Regional analysis
In the EIA’s weekly survey, diesel prices fell in all ten regions, ranging from 5 cents in New England to 1.3 cents on the West Coast (excluding California).
East Coast (PADD 1): The East Coast average diesel price fell 3.2 cents to $3.725 per gallon. Within this region, New England (PADD 1A) saw the largest decline, dropping 5 cents to $3.969 per gallon. The Central Atlantic (PADD 1B) saw a 1.5 cent decline, while the Lower Atlantic (PADD 1C) reported a 3.6 cent decline.
Midwest (PADD 2): The Midwest saw the biggest regional decline this week, with prices falling 4.7 cents to $3.627 a gallon.
Gulf Coast (PADD 3): Prices along the Gulf Coast, which consistently has the lowest diesel prices in the country, fell 3.8 cents to $3.317 per gallon.
PADD – Petroleum Administration for Defense Districts. US Energy Information Administration
Rocky Mountain (PADD 4): The Rocky Mountain region saw a 4.2 cent decrease, bringing the average price to $3.608 per gallon. Despite the decrease, prices in this region remain relatively stable compared to other areas.
West Coast (PADD 5): On the West Coast, the price decline was smaller, with prices falling 2.2 cents to $4.272 per gallon. Within that region, California saw a 3.2 cent drop, bringing the price to $4.707 per gallon, while the West Coast subregion excluding California saw a 1.2 cent drop, bringing the price to an average of $3.893 per gallon.
What it means
The continued decline in diesel prices can be attributed to several factors, including lower demand, stable crude oil prices and seasonal fluctuations in fuel consumption. These trends have provided some cost relief to the transportation and logistics industry, which has been facing rising fuel costs over the past two years.
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