How are average national diesel fuel prices doing to start out 2023? National average retail diesel fuel prices are still $4.54 per gallon as of January 9, 2023, according to the U.S. Energy Information Administration (EIA).
This average price represents a decrease of 3 cents from the prior week (but remains on par with pricing at the end of 2022) and an increase of 89 cents over the same time last year. Currently, prices are still up to $1 higher than same time 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 had been on a steady decrease through the end of 2022 and a slight uptick during the first week of the year.
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: $4.81
- Midwest: $4.39
- Gulf Coast: $4.22
- Rocky Mountain: $4.70
- West Coast: $5.08
What Impacts Retail Diesel Fuel Prices?
According the EIA, there are four main factors that impact the price of diesel fuel at the pump:
- The cost of crude oil purchased by refineries
- Refining costs and profits
- Distribution, marketing, and retail station costs and profits
- Taxes (federal, state, county, and local government)
What are some other ways to reduce fuel costs beyond the pump? From route optimization to idle reduction, telematics to improved vehicle maintenance, there are more ways to reduce fleet spend than simply focusing on the cost of fuel. Check out our diesel fuel updates, coverage, and stay up-to-date on everything fleet related by signing up for our eNewsletters today!