Diesel Price Dips 2.3 Cents As Oil Hits 5-Month Low
The price of diesel fuel dropped 2.3 cents last week following, but not keeping pace with, a steep slide that took the price of crude oil below $30 a barrel for the first time in four months.
However, although diesel fuel prices typically track the price of crude oil, analysts warned that high demand for distillates brought on by cold weather could keep diesel prices high. Diesel and home heating oil are similar products.
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According to Bloomberg News, the price of oil for January 1 delivery on the New York Mercantile Exchange was $28.25 a barrel on Dec. 6, down from $35.54 a week earlier.
The last time the price of crude was $28.25 a barrel was in July, when the price of diesel fuel was $1.42 a gallon.
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