Average Diesel Fuel Prices Fall Further

How are average diesel prices faring in the United States today? National average retail diesel fuel prices were $4.60 per gallon as of Dec. 19, 2022, according to the U.S. Energy Information Administration (EIA).

This average price represents a decrease of 16 cents from the prior week and an increase of 97 cents over the same time last year. Currently, prices are finally less under one dollar higher than they were last year.

The highest that U.S. national average diesel fuel prices peaked in 2022 was $5.81 per gallon on June 20, 2022. Average diesel fuel prices declined through mid August and have been on an up-and-down trajectory for the past few months of 2022, continuing the overall decrease since November 7. 

All regions are still seeing price increase for diesel fuel year-over-year but are seeing a decrease from the prior week.

Current average diesel prices by region are:

• East Coast: $4.85
• Midwest: $4.48
• Gulf Coast: $4.21
• Rocky Mountain: $4.86
• West Coast: $5.14

Will fuel prices, especially diesel, continue to fall? As we enter the colder, winter months and less people are driving, demand typically declines. According to a report from Newsweek, GasBuddy is "skeptical diesel prices will fall below $5 per gallon during the winter." Currently, diesel prices can do just about anything - if the refinery capacity continues to increase and the weather holds up, prices could drop. But, if anything goes awry, diesel pices could increase exponentially once again. 

Fleets today aren't using just one fuel type. Have you checked out renewable diesel fuel? Fleets using renewable diesel fuel say it has reduced operating costs while cutting greenhouse emissions.Check out our diesel fuel updates, coverage, and stay up-to-date on everything fleet related by signing up for our eNewsletters today!