Diesel Drops Below $5 for First Time Since March

Posted on October 12th, 2022

The national average price of diesel dropped to less than $5 a gallon for the first time since March, falling 14.5 cents to settle at $4.993, according to Energy Information Administration data released Aug. 8.


The last time diesel cost less than $5 was March 7, after a 74.5-cent surge lifted the cost to $4.849. It rose to $5.25 the following week and peaked at $5.81 on June 20.

Diesel’s price has fallen for seven consecutive weeks totaling 81.7 cents.

A gallon of trucking’s main fuel still costs $1.629 more than it did at this time in 2021.

The average price dropped in all 10 regions surveyed by EIA. The largest declines were in the West Coast less California and the West Coast at 17.5 cents and 17.3 cents a gallon, respectively. The New England region saw the smallest decrease at 11.2 cents.

The average price of a gallon of gasoline took a big tumble too but couldn't quite slip beneath the $4 mark. It fell 15.4 cents per gallon to lodge at $4.038 for the national average.

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