The Department of Energy (DOE) reported that diesel fuel prices shot up another 8.2 cents this week for U.S on-highway diesel fuel to $4.104 per gallon.
This is the highest price since price diesel fuel has been since October 2012. As, we always say it’s like a yo-yo. When you think your fuel card is not going to be smoking up your fleet management program, watch out because diesel fuel prices take off for the sky.
The national average fleet fueling price is currently 4.1% or 16.1 cents higher than at this time last year, this puts a strain on most fuel manager services for fuel savings. And really ties a knot on fuel management system.
Prices shot up across the country again this week. California’s diesel fuel price increased 8.9 cents to $4.331 last week, the most expensive price of all regions. In the East Coast, fleet fueling prices increased 6.4 cents to $4.152. The Gulf Coast pricerose 5.6 cents to $3.997. In the Midwest, prices were up 10.2 cents from last week to $4.080.
The price of West Texas Intermediate (WTI) crude oilsettled at $95.72 per barrel on Friday, $2.05 below a week earlier. Compared with a year earlier, the price of WTI was down 3%. The biggest issue is diesel fuel prices as well as gas prices as still trying to catch up to the 4% increase that crude oil has seen this year.
The DOE also reported that gas prices jumped 7.3 cents to $3.611 per gallon, thehighest price since October 2012. Gas prices are 2.5% or 8.8 cents more expensive than a year ago. Increasing gas prices will be a true sign of how strong this economy is because with gas prices up over 25 cents in 2 weeks, people pumping up on their fuel credit card in a SUV could see a $20 increase in cost per fueling.
Every company with a fleet of trucks will be hurting as diesel fuel costs 49.3 cents more than gas. Actually, I think everyone will be hurting because that fleet manager who has a gas fleet will also find fuel savings difficult.
Need a hand getting your fuel management off the floor call today 267-482-6155 or click here for fuel savings.
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