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National diesel prices up again, but only by 2 tenths of a penny

A climb that began Jan. 22 (inching up eight-tenths of a penny to $3.903) ended a seven-week slide, and diesel has been increasing ever since, sometimes barely inching up and sometimes increasing by leaps and bounds.

The Trucker Staff

2/25/2013

On-highway diesel was up again today but only by two tenths of a penny to $4.159, the U.S. Energy Information Administration of the Department of Energy reported.

On Feb. 4 national on-highway diesel prices broke through the $4-a-gallon barrier, increasing 9.5 cents to $4.022. That had been the first time it had hit the $4-a-gallon mark since November of 2012. On Feb. 11 the national diesel price inched up to $4.104, then slid up again last week to $4.157.

By comparison, the highest diesel price for all of 2012 was $4.150 on Oct. 26.

A climb that began Jan. 22 (inching up eight-tenths of a penny to $3.903) ended a seven-week slide, and diesel has been increasing ever since, sometimes barely inching up and sometimes increasing by leaps and bounds.

Today’s national diesel price is 10.8 cents higher than it was this time a year ago.

Diesel prices eventually follow the price of oil, which took a breather at the end of today after being up more than $1 earlier in the day.

Unlike last week, when diesel prices were up in every single sector, four of the EIA’s 10 reporting regions actually saw a decrease in prices from the week before.

Uncertainty over Italy’s general election, manufacturing declines in China and a cut-back in oil output by mega oil exporter Iran, are all playing tug-of-war with oil prices and will be reflected later in diesel. However, there’s a lag time between when spot prices change and the retail prices change, making for a seesaw effect between oil and diesel: When oil is down diesel is up and vice versa.

For more information on regional diesel prices click here.

The Trucker staff can be reached to comment on this article at editor@thetrucker.com.

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