Diesel fuel prices will average $3.96 this year, the Department of Energy said, boosting its most recent forecast by 12 cents on projected higher crude oil prices.
Diesel fuel will decline next year to an average $3.73, DOE said in its most recent short-term energy outlook, released this week. That’s also up 11 cents from last month’s report.
We all understand that even the best of the best can’t predict the future especially something like diesel fuel. This is why for fleet managers, fuel departments and others trying to put together a fuel budget is very difficult.
Higher diesel fuel prices this year are being led by increased oil prices, the report said. Crude will average $95.66 per barrel this year, up $1.76 from last month’s $93.90 projection.
Oil fell Wednesday for the first time in six days, slipping 16 cents to $97.01 a barrel on the New York Mercantile Exchange, Bloomberg reported.
Oil has finished Nymex trading over $97 just three times since mid-May — on Wednesday, Tuesday and on Aug. 22, according to Bloomberg Nymex figures.
Gas prices, meanwhile, will average $3.64 this year and $3.43 next year, both up about 11 cents from last month’s outlook.
Gas prices will begin to decline in late September, DOE said, and will average $3.58 in the fourth quarter, up 28 cents from last month’s forecast.
This is the way the DOE predicts it’s going to happen. In our view, we believe diesel fuel prices will remain over $4.00 a gallon when you’re trucks are out fleet fueling on your fuel card. We also feel at this point next year will average over $4.00 gallons. Yes, fuel savings and pricing will yo-yo but the average for the year will be above $4.00. This will put pressure on everyone to make sure that their fuel management systems are in proper order to maximize any potential fuel savings.
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