Diesel prices rise nearly 7 cents, says EIA
September 04, 2013
Diesel prices saw their largest gain this week since February, according to the Department of Energy’s Energy Information Administration (EIA).
The average price per gallon saw a 6.8 cent gain to $3.981, lagging only the 8.2 cent gain from the week of February 11, which saw prices escalate to $4.104 per gallon.
This increase marks the third straight week prices have gone up. While prices rose a modest 1.7 over the previous two weeks, this week’s nearly 7 cent increase brings the cumulative gain over the last three weeks to 8.5 cents.
On an annual basis, the average price per gallon of diesel is down 14.6 cents.
Regardless of the fluctuation in diesel prices, shippers are cognizant of the impact diesel prices can have on their bottom line—for better or worse.
And they continue to be proactive on that front, too, by taking steps to reduce mileage and transit lengths when possible as well as cut down on empty miles. And even through shippers want to adjust budgets in order to offset the increased costs higher fuel prices bring, it is not always an easy thing to manage.
Shippers have told LM that adjusting budgets is only part of the solution when it comes to dealing—and living—with fuel price fluctuation.
When asked if they expect to pay higher fuel surcharges in the coming months, a recent Logistics Management reader study of roughly 420 shippers found that 39.1 percent said yes they did, 44.1 percent said they did not expect to have to pay higher fuel surcharges, with 16.8 percent stating they were unsure.
Oil was trading at $107.92 per barrel on the New York Mercantile Exchange as of press time.
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