Diesel Prices Drop in Late March 2023

National average retail diesel fuel pricing in late March 2023 decreased across the board once again to $4.18 per gallon as of March 20, 2023, according to the U.S. Energy Information Administration (EIA). 

This average price represents a decrease of 6 cents per gallon compared with the prior week and a decrease of 95 cents per gallon compared to one year prior. 

Looking at U.S. Regional Diesel Fuel Prices

All regions again saw a price decrease for diesel fuel week-over-week and year-over-year. West Coast average prices have remained below the $5 per gallon mark (except for California, which still averages $5.26 per gallon of diesel).

The biggest week-over-week decrease was seen in the Rocky Mountain region at 8 cents below last week. The highest year-over-year decrease was seen in the Gulf Coast, dipping $1.03 below same time last year. The Gulf Coast finally dipped below the $4 per gallon mark.

Current average diesel prices by region are:

• East Coast: $4.31
• Midwest: $4.02
• Gulf Coast: $3.93
• Rocky Mountain: $4.35
• West Coast: $4.86

Why Do Diesel Prices Fluctuate?

Diesel prices fluctuate due to a variety of factors such as changes in global oil supply and demand, geopolitical tensions, refinery capacity, weather-related disruptions, and government policies related to taxes and regulations. These factors can impact the cost of producing and distributing diesel fuel, leading to changes in its price.

Why does this matter to fleets? Fuel prices are a top expense for work truck fleets and ensuring you understand these changes will keep surprises from hitting your bottom line. Make informed decisions, track your prices, identify patterns, and ensure you have your fleet's best fuel interests in mind. 

Monitoring diesel prices with Work Truck is one way to stay on top of these changing costs. Check out our diesel fuel updates and coverage, and stay up-to-date on everything fleet related by signing up for our eNewsletters today!