This week the DOE reported, diesel fuel prices fell for the second time in three weeks — but just the third since early January — dropping 2.1 cents to $4.127 a gallon. Gas prices meanwhile, fell for a second straight week, dropping 1.7 cents to $3.922.
Diesel fuel prices are now 2.2 cents higher than the same week a year ago, while gas prices are 7.8 cents higher. It feels like its a lot higher to most fleet fuel buyers. I don’t know if it was the panic when fuel prices increased rapidly in January or something in the air.
Last week’s $4.148 diesel price was the highest since trucking fleet fuel was $4.208 on Aug. 18, 2008. Monday’s diesel fuel decline was the biggest this year — the most since a 3.7-cent downturn on Dec. 26. Gas price was the biggest since a 5.7-cent drop on Dec. 19.
Diesel fuel prices have gained a cumulative 34.4 cents since registering a year-low $3.783, on Jan. 2. So are we heading up or down with gas and diesel fueling. It appears that we might have hit the peak and are making a turn downward in fleet fueling prices.
Supply for products are good despite the fact of Iran. Crude oil prices have gone down over the last few weeks and I think we are seeing retail gas stations and truck stops trying to grab margin if possible. We are still 6 plus weeks away from “peak driving season” so anyone in the retail fuel business will try and ride that wave for as long as they can.
If things can get a little better with Iran. I think we could see a 25 cent drop in diesel fuel and gas prices within weeks. For our fuel cards mag stripes and your businesses fuel management budget, let’s hope that happens.
Gain instant access to the ebook!