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Average price of diesel to drop below year-ago level for first time in 760 days, according to GasBuddy

GasBuddy projects that today, March 3, diesel fuel in the U.S. will be cheaper than it was a year ago. This will be the first time the benchmark occurred in 760 days

DALLAS — The most common price of diesel fuel in the U.S. right now is $3.99/gallon, making it cheaper than it was a year ago for the first time in 760 days, according to GasBuddy.

The average price is $4.35/gallon, the lowest level since the days immediately after the Russian invasion of Ukraine. GasBuddy says diesel prices have declined nearly $1.50 since last spring, when they reached record levels.

"Diesel’s decline has been astounding—we’ve seen improvements in fundamentals over the last few months with diesel prices down nearly $1 per gallon in the last 100 days, thanks in part due to the Fed raising interest rates, throttling back the economy, as well as Mother Nature reducing consumption through a mild winter and curbing consumption of diesel’s cousin, heating oil,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Coming out of winter, we’ll continue to see diesel prices decline. Barring an unexpected disruption or escalation in global events, diesel prices this summer could be $2 per gallon lower than last summer, which is certainly good news for the economy and transportation sectors stung by the previous high costs of diesel fuel.” 

Here's how the price of diesel stacks up nationwide:

  • Seven states where diesel prices average below $4 per gallon: OK, TX, KS, WI, MO, IA, AR
  • Most common diesel prices in the U.S., in order: $3.99, $4.09, $3.89, $4.29, $4.19
  • $3.62/gal: the average of the lowest priced 10% of stations in the U.S.
  • $5.82/gal: the peak in the national average price of diesel hit in 2022
  • 78 cents: the amount of decline to average diesel prices in the last 90 days

GasBuddy projects that retail diesel prices will continue to fall due to demand easing and winter oil consumption declining. This trend should continue through the spring and summer as long as central banks continue to raise interest rates.

The fuel savings platform predicts that gasoline prices will rise during this same time period.

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