National diesel average, for the week of March 28, remains above $5 per gallon, reports EIA

The national average price per gallon of diesel gasoline again topped the $5 per gallon mark, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA).

For the week of March 28, the national diesel average came in at $5.185 per gallon, increasing $0.051 cents over the week of March 21, which was at an average of $5.134. The national diesel average, for the week of March 14, was $5.250, which marked the first time ever the national average was above the $5 per gallon mark, and also set a new record as the highest figure on record, with the week of March 28 and the week of March 21, standing as the second- and third-highest, respectively.

What’s more, this week’s tally marks the fourth straight week a new record has been set, as the average for the week of March 7 came in at $4.849, rising 0.745 over the week of February 28, the largest sequential gain on record.

Prior to the last four weeks, for the week of February 28, the national average increased $0.049, to $4.104 per gallon. That came on the heels of a $0.036-cent increase, to $4.055, for the week of February 21, and a $0.68-cent increase, to $4.019 per gallon, for the week of February 14.

And prior to these last seven weeks, the national diesel average had not been above the $4 per gallon mark since the week of March 17, 2014, when it came in at $4.003 per gallon. Prior to that, the national diesel average cracked the $4 per gallon mark the week of March 25, 2013, when it came in at $4.006 per gallon.

West Texas Intermediate Crude oil is currently trading at $102.56 on the New York Mercantile Exchange, down from $111.82 a week ago at this time.

A Reuters report indicated that the decline in oil prices extended losses from the previous day on signs of progress in talks between Russia and Ukraine to end their weeks-long conflict, with prices further pressured by China's new lockdowns to curb the spread of the coronavirus. The report added that sanctions imposed on Russia over its invasion of Ukraine have disrupted oil supplies, driving prices higher, with prices also pressured on Tuesday by fears over Chinese demand after new lockdowns in Shanghai to curb rising coronavirus cases.