Farmers and consumers may start to see some relief at the pump. According to GasBuddy, the national average diesel price dipped just under a cent in the last week—now sitting more than 30 cents cheaper per gallon compared to this time in 2022. Regular gasoline prices are also experiencing a downward trend.
While it might not seem like much, with a gallon of diesel averaging at $4.52, that price is still 36 cents less than this time last year.
Regular, unleaded gasoline prices also fell by 3.5 cents on the week. However, since the average price for a gallon of gas is $3.77, prices still fall almost three cents higher than this time last month.
Analysts say the fall in fuel demand can be attributed to concerns about future interest rate hikes as well as the announcement from OPEC Plus to maintain their current production levels.
Last week, fuel economists predicted a rise in both diesel fuel and home heating oil as peak season approaches. So, while producers should enjoy this moment of relief, experts with Gas Buddy also recommend planning ahead — and trying to lock in prices for the rest of the harvest season before they tick back up again.
