Diesel prices fall by largest amount in a year

Updated May 19, 2011

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The national average retail price for on-highway diesel dropped 4.3 cents during the week ended Monday, May 16, to $4.061 per gallon, according to the U.S. Department of Energy’s Energy Information Administration. The drop in prices is the largest since average prices fell 7.3 cents during the week ended May 24, 2010. Also, diesel prices have declined for two consecutive weeks. The last time that happened was late November.

Diesel prices are 96.7 cents higher than the same week last year and about $1.02 higher than in late September when the current surge began. The average price of diesel declined in all regions, ranging from a 1.1-cent drop in the New England region to an 8.8-cent drop in California, which still has the nation’s highest prices. The Gulf Coast region has the lowest prices, averaging just under $4 a gallon.

Complete diesel price information is available on EIA’s website.