Diesel prices fall for first time in seven weeks, reports EIA

Following seven weeks of increases, the average price per gallon for diesel gasoline saw its first decrease since the week of November 28, according to data issues by the Department of Energy’s Energy Information Administration (EIA).

Falling 1.2 cents, the average price per gallon is now at $2.585 and compared to a year ago, it is up 47.3 cents.

Prior to this week’s decline, prices rose for seven straight weeks, with the average price per gallon increasing a cumulative 17.7 cents from the week of November 28 to the week of January 9.

Even with this week’s decline, the current average price per gallon is within 0.03 cents of the recent high of $2.615 per gallon, which was recorded the week of August 17, 2015, according to EIA data.

The average price per barrel of West Texas Intermediate Crude is at $51.46 on the New York Mercantile Exchange.

Shippers are vigilant in keeping a watchful eye on fuel prices, due to the fact that in most modes they’re paying a fairly high percentage in terms of their average fuel surcharge above standard base rates. That was made clear in the findings of a recent Logistics Management (LM) readership study of more than 200 buyers of freight transportation and logistics services.

According to the survey, 5.5% of respondents noted that average fuel surcharges were more than 20% above base rates, with 11.4% noting that they were 16% to 20% higher.

And 17.9% and 24.9% of shippers said they were in the 11% to 15% and 6% to 10% ranges, respectively, with 28.4% stating that their average fuel surcharges were 5% or less above base rates.