The average price per gallon of diesel fuel headed up for the second straight week, according to data issued by the Department of Energy’s Energy Information Administration (EIA) this week.
With a 3.1 cent increase, this week’s average price is $2.811, following last week’s 0.26 cent boost. The gains over the last two weeks come on the heels of a cumulative 16.3 cent decrease over the previous five weeks.
Even with these recent gains, diesel currently stands 5.5 cents above the five-year low of $2.756 per gallon from the week of February 15, 2010.
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 $56.99 on the New York Mercantile Exchange.