Carriers got some price relief for the first time in over a month when the average price of diesel dropped last week to $4.149 per gallon, almost three cents less than the week before.
According to Department of Energy (DOE), low sulfur diesel and ultra low sulfur diesel prices last week followed a similar trend. Low sulfur diesel was $4.049 per gallon, an almost five-cent reduction. Ultra low sulfur diesel was 2.5 cents less than the week before with the price at the pump at $4.162 per gallon.
The DOE short-term energy report that is updated monthly projects diesel prices in 2008 to average $3.94 per gallon, up from $2.88 per gallon last year, according to the May 6 update. The price reflects global strength in diesel demand that is contributing to a widening of the margin between diesel prices and crude oil costs since last year. Diesel prices are projected to average $3.67 per gallon in 2009.