National average retail diesel fuel pricing in mid-March 2023 decreased across the board once again to $4.25 per gallon as of March 14, 2023, according to the U.S. Energy Information Administration (EIA).
This average price represents a decrease of just around 3 cents per gallon compared with the prior week and a decrease of $1 per gallon compared to one year prior.
What's Changed with U.S. Regional Diesel Fuel Prices?
Except for the West Coast, all regions again saw a price decrease for diesel fuel week-over-week and year-over-year. West Coast average prices have stayed below the $5 per gallon mark (except for California only, which still averages $5.38 per gallon of diesel), but was the only region to tick up minutely.
Current average diesel prices by region are:
- East Coast: $4.36
- Midwest: $4.09
- Gulf Coast: $4.00
- Rocky Mountain: $4.43
- West Coast: $4.90
Why Should Fleet Managers Monitor Fuel Prices?
Seems like a simple concept, monitoring fuel prices. Yet, some still ignore it and let the dice lie where they rolled. Knowing the average diesel prices for work truck fleet managers is crucial for effective fleet management. It impacts general budgeting and can also be a sign of the economy and future.
Diesel fuel prices can significantly impact a fleet's operating costs and the company's bottom line.
With constantly changing fuel prices, fleet managers must stay updated on the latest diesel prices to make informed decisions about fueling their vehicles. You must know when, how much, and where to buy fuel to minimize costs and ensure your trucks remain operational.
By closely monitoring diesel prices and trends, fleet managers can develop and implement cost-effective strategies to optimize fuel efficiency, reduce expenses, and ultimately improve the efficiency of their business.