Analysts are sticking to their predictions of a stabilization in diesel costs despite a half-cent rise in the price per gallon from last week.
The national average retail cost of diesel fuel reached $1.083 a gallon on May 10, up from $1.078, which was the plateau held during the previous two weeks, according to figures from the Department of Energy. It was the first increase since April 12, when the price of diesel stood at $1.084 a gallon.
Early in 1999, diesel costs dropped steadily, reaching 95.3 cents a gallon on Feb. 22, the lowest inflation-adjusted price since 1947. Then prices began a steep climb, reflecting refinery problems in California and an agreement by members of the Organization of Petroleum Exporting Countries to reduce crude oil production.
But recent fluctuations of a half-cent or less contrast with jumps as high as three cents reported between March 8 and April 12. The latest upswing has not been enough to sway most analysts from their expectations of a more stable market.
“I’m not really looking for much movement in either direction,” said Tom Kloza, editorial director of the Oil Price Information Service.
For the full story, see the May 17 print edition of Transport Topics. Subscribe today.
