What’s up with average national diesel fuel prices in January of 2023? National average retail diesel fuel prices dipped to $4.52 per gallon as of January 16, 2023, according to the U.S. Energy Information Administration (EIA).
This average price represents a decrease of 2 cents from the prior week (but still remains on par with pricing at the end of 2022) and an increase of 80 cents over the same time last year. Currently, most prices have finally dipped below $1 higher than the same time last year.
The highest U.S. national average diesel fuel prices peaked in 2022 was $5.81 per gallon on June 20, 2022. After that peak, average diesel fuel prices declined through mid-August and were on a steady decrease through the end of 2022 and a slight uptick during the first week of the year.
Most regions are still seeing price increase for diesel fuel year-over-year but are seeing a decrease from the prior week, with the exception of the Gulf Coast and Rocky Mountain Regions.
Current average diesel prices by region are:
- East Coast: $4.75
- Midwest: $4.37
- Gulf Coast: $4.22
- Rocky Mountain: $4.73
- West Coast: $5.03
What Do We Pay for In a Gallon of Diesel?
According to the EIA, there are four main parts of the price of diesel fuel at the pump:
- Distribution and marketing.
- Crude Oil.
Each of these components impact the price at the pump for fleets around the nation. If you have higher fuel taxes, your price at the pump will be elevated.
Reducing fuel costs doesn’t just happen at the fuel 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!