The average price per gallon of diesel dropped for the third straight week, according to the Department of Energy’s Energy Information Administration (EIA).
The current price–at $2.854 per gallon–is down 4 cents from last week and stands as the lowest average weekly price going back to the week of February 15, 2010, when it was at $2.756 per gallon.
Over the last three weeks, diesel prices have dropped a cumulative 12 cents, following a five-week stretch of gains, during which time it increased a cumulative 11.3 cents.
On an annual basis, the average price per gallon is down $1.151 cents.
A recent Logistics Management reader survey found that nearly 75 percent of the roughly 100 surveyed respondents said they do not expect a material increase in the form of higher fuel surcharges in the coming months, with the difference split between those whom said they felt fuel surcharges would increase or that they were unsure.
But, conversely, another 55.4 percent indicated that they planned to raise or adjust their freight budgets to cover higher than budgeted fuel prices should fuel prices continue to head up going forward.
As for how much freight budgets would need to head up, the results varied with: 51 percent saying between 1-5 percent; 32.7 percent saying between 6-10 percent; 6.1 percent saying 11-15 percent; 4.1 percent saying 16-20 percent; 2 percent saying between 21-50 percent, and 4.1 percent saying 100 percent.
The average price per barrel of WTI crude is currently at $48.68 on the New York Mercantile Exchange after falling 19 cents yesterday.