Year over year, diesel prices are up again

The U.S. average diesel price of $3.68 per gallon in October was down from $3.75 in September. Despite the month-over-month decrease, the average price is higher than the October 2024 price of $3.59. This is the third consecutive year-over-year (y/y) increase after a 29-month streak of y/y decreases.

The fourth quarter of 2024 offers fairly soft comparisons in fuel prices, with the November and December averages having been $3.52 and $3.49 respectively. Unless there is a decrease of 4% or more, fuel prices will continue to show y/y gains for the remainder of this year. This is especially pertinent for those managing to a y/y budget, as it creates headwinds in the fourth quarter.

U.S. sanctions on Russia’s top oil producers, combined with the Organisation of the Petroleum Exporting Countries' (OPEC's) decision on 2 November not to increase output, are tightening global oil supply. U.S. diesel prices increased the last week of October, reversing a downward trend through most of the month and look to continue to add pressure on pricing moving forward, increasing again the first week of November. Shippers and carriers should keep an eye on this situation as it could have future impacts on diesel pricing.

National U.S. average diesel price per gallon

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