Diesel dips below $4 as US average price falls 1.5 cents

Chart from the EIAChart from the EIA

The national average price for a gallon of on-highway diesel dipped below $4 in the week ended March 24 – barely.

The latest national standard came in at $3.988 a gallon, according to the Department of Energy’s Energy Information Administration. That’s a 1.5-cent drop and the second consecutive week-to-week decline of more than a penny.

Prices had surged 14.4 cents in a five-week span from the end of January to the end of February, pushing the nation’s average price above $4 for the first time in a year. The national average price is now 1.4 cents lower than the same week in 2013, according to the EIA.

ProMiles’ Fuel Surcharge Index reported this week a 1.7-cent drop, bringing its reported national average to $3.932 a gallon, down a penny from the same week in 2013.

Per the EIA, the average price dropped in all regions in the U.S., too, led by a 3.7-cent drop in the Central Atlantic region, followed by a 3.4-cent drop in New England.

The New England and Central Atlantic regions, however, still have the country’s most expensive diesel, $4.279 and $4.277 a gallon, respectively.

The Gulf Coast region still has the U.S.’ cheapest diesel, $3.80 a gallon, followed by the West Coast region, less California at $3.925.