Predictions of OPEC Output Boost Push Price Down
The price of diesel fuel dropped 1.2 cents this week, amid predictions that the Organization of Petroleum Exporting Countries will increase production by another 500,000 barrels a day.
The national average retail price of diesel fuel, as reported by the federal Energy Information Administration on June 5, was $1.419. It marked the lowest price in three weeks and 7.7 cents below the high so far this year of $1.496, set on March 13.
The fall to below $1.43 a gallon for the first time in three weeks comes as the 11 nations of OPEC plan to hold a policy meeting June 21 in Vienna.
However, according to Bloomberg News, OPEC President Ali Rodriguez said the cartel members had agreed to a “price band” mechanism for triggering production changes and that band was likely to be breached as early as June 7.
 | Fuel Prices | |||
| Week of June 5: | ||||
| source | price | change | ||
| DOE | 141.9 | -1.2 | ||
| Comdata* | 140.6 | -0.5 | ||
| OPIS self-serve* | 142.2 | -0.3 | ||
| OPIS wholesale* | 84.0 | -2.7 | ||
| *Comdata and OPIS figures are for the week of May 27-June 2. Click here for more fuel prices. | ||||
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