SPRINGFIELD, Mass. (WWLP) – Diesel prices have fallen below their year-ago levels, according to GasBuddy.
Diesel prices in Springfield average $4.45/g, the most expensive station was $4.99/g, according to GasBuddy. The national price of diesel is averaging $4.35 /g on Friday. The national average is down $1.50 per gallon since reaching record levels last spring.
“Diesel’s decline has been astounding – we’ve seen improvements in fundamentals over the last few months with diesel prices down nearly $1 per gallon in the last 100 days, thanks in part due to the Fed raising interest rates, throttling back the economy, as well as Mother Nature reducing consumption through a mild winter and curbing consumption of diesel’s cousin, heating oil,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Coming out of winter, we’ll continue to see diesel prices decline. Barring an unexpected disruption or escalation in global events, diesel prices this summer could be $2 per gallon lower than last summer, which is certainly good news for the economy and transportation sectors stung by the previous high costs of diesel fuel.”
Diesel by the numbers:
- 7 states where diesel prices average below $4 per gallon: OK, TX, KS, WI, MO, IA, AR
- Most common diesel prices in the U.S., in order: $3.99, $4.09, $3.89, $4.29, $4.19
- $3.62/gal: the average of the lowest priced 10% of stations in the U.S.
- $5.82/gal: the peak in the national average price of diesel hit in 2022
- 78 cents: the amount of decline to average diesel prices in the last 90 days
The diesel rate prices are likely to continue to fall as the demand eases and winter heating oil consumption declines.