The national average cost of on-highway diesel moved higher on Monday for the fifth consecutive week, hitting its highest level in two months.
It increased 2.6 cents from last week for $2.904 per gallon, according to the U.S. Energy Department. All the increases combined over the past five weeks total 15 cents.
Despite the gain the average cost of diesel is $1.03 less when compared to the same week last year.
Prices increased in all parts of the country from last week, with the smallest being 0.2 cent in New England for an average of $3.093. The biggest jump was 4.3 cents in the Midwest for an average of $2.791, the least expensive regional price.
The West Coast has the highest regional price of any part of the U.S. at $3.162 per gallon, up 2.3 cents from last week.
The average cost of regular-grade gasoline also moved higher over the past week by 5.3 cents to $2.744 per gallon, its highest level since last December.
Compared to this time last year, the current price is 92.1 cents less.
This happened as price of oil on Monday fell just 26 cents before settling at $59.43 per barrel in New York following news that Saudi Arabia increased its exports of crude in March to its highest level since November 2005, plus a report from last week from the U.S. Energy Department showing a global surplus of crude oil remains large.
Compared to last Tuesday’s opening, the price of crude is up less than 20 cents.
Oil prices have surged about 40% since March following a more than 50% decline from last year when it was more than $100 per barrel. Consequently, fuel prices that retreated dramatically, have recovered slightly from levels seen earlier in the year.
Originally posted on Trucking Info