Diesel Fuel Prices Tick Upward Closing Out January

How are average national diesel fuel prices closing the first month of 2023? National average retail diesel fuel prices increased to $4.62 per gallon as of January 30, 2023, according to the U.S. Energy Information Administration (EIA). 

This average price represents an increase of 2 cents from the prior week and an increase of 78 cents over the same time last year. 

Regional Diesel Fuel Updates

All regions saw a price increase for diesel fuel year-over-year 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: $4.83
• Midwest: $4.74
• Gulf Coast: $4.35
• Rocky Mountain: $4.74
• West Coast: $5.13

Where Will Diesel Fuel Prices Go?  

According to the EIA Short-Term Energy Outlook from January 2023, the EIA forecast U.S. refining margins for diesel would fall by 20% in 2023 and 38% in 2024. The EIA expects retail diesel fuel prices to average about $4.20 per gallon in 2023. So far, 2023 has yet to hit those outlooks. 

But remember, reducing fuel costs doesn’t just happen at the fuel pump. From route optimization to idle reduction and telematics to improved vehicle maintenance, there are more ways to reduce fleet spend than simply focusing on the cost of fuel.

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