What’s happening with diesel fuel prices at the start of February 2023? National average retail diesel fuel prices decreased to $4.54 per gallon as of February 6, 2023, according to the U.S. Energy Information Administration (EIA).
This average price represents a decrease of 8 cents from the prior week and an increase of 59 cents over the same time last year.
Regional Diesel Fuel Updates Starting February 2023
All regions saw a price decrease for diesel fuel year-over-year compared to the prior week, with the Rocky Mountain region technically decreasing by $0.001.
Current average diesel prices by region are:
- East Coast: $4.75
- Midwest: $4.38
- Gulf Coast: $4.25
- Rocky Mountain: $4.74
- West Coast: $5.09
Will the Stability/Slight Drops Continue?
As we know, both gasoline prices and diesel fuel prices are connected to the price of oil. According to CNN, diesel prices are falling in Europe despite the Russian fuel ban.
The EIA Short-Term Energy Outlook from January 2023 forecasts 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 these small decreases are a good sign. Every penny adds up.
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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