U.S. retail diesel prices declined for the first time in five weeks, as the national average price dipped 0.6 cent to $3.909 a gallon, according to the Department of Energy.
The diesel average had increased by almost 10 cents a gallon over the previous four weeks and was 5.9 cents a gallon higher than a year ago, according to DOE’s Aug. 5 survey of filling stations.
The average price of gasoline also declined last week, easing 1.4 cents to $3.632. Gasoline has now fallen 5 cents over the past two weeks. A year ago, it sold for $3.645.
Phil Flynn, an analyst with the Price Futures Group, based in Chicago, said that fuel prices have eased a bit because concerns over instability in Egypt have eased, the summer driving season is nearing an end and many of the big refineries that were down for maintenance are coming back on line.
“So we should start to see some relief in the near term,” Flynn told Transport Topics. “What does that mean at the pump? Maybe 10 to 25 cents lower at the pump — or even lower.”
The cost of crude also fell/rose last week, closing at $103.40…
Associate News Editor Jonathan S. Reiskin contributed to this story.
By Eric Miller, Staff Reporter for TT