How are average national diesel fuel prices this week compared to the first of January 2023 and the same time last year?
National average retail diesel fuel prices increased to $4.60 per gallon as of January 23, 2023, according to the U.S. Energy Information Administration (EIA). This average price represents an increase of 8 cents from the prior week and an increase of 82 cents over the same time last year.
A few regional average prices are still more than $1 higher than the same time last year.
The lowest national average diesel price in 2022 was $3.78 in January. The highest U.S. national average diesel fuel prices peaked in 2022 at $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.
Regional Diesel Fuel Updates
All regions saw a price increase for diesel fuel year-over-year and compared to the prior week, with the East Coast and Rocky Mountain regions seeing an increase of more than $1 compared to last year.
Current average diesel prices by region are:
- East Coast: $4.81
- Midwest: $4.47
- Gulf Coast: $4.32
- Rocky Mountain: $4.74
- West Coast: $5.10
Where is the Diesel Fuel Price Relief?
As noted in late 2022, there isn't much relief in sight for the increased diesel fuel prices. Farmers and transportation fleets are feeling the pinch and prices are continuing to rise as a result.
According to a Kiplinger report from January, crude oil prices have risen with expectations of higher oil demand in China due to COVID-19 lockdowns mostly being lifted. And U.S. refinery capacity remains strained.
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!