Though it’s a new year, higher diesel prices will likely stick around
Current diesel prices are standing about $1 more than this time last year. Experts say those higher prices are expected to stick around.
Right now, nationwide diesel prices are averaging $4.67, while this time last year they were hovering around $3.72.
Researchers at the University of Illinois have been tracking these price increases and say they are likely to linger around due to production capacity shortfalls, tightening restrictions on Russian oil, and China’s loosening of Covid-19 restrictions.
Analysts at DTN advise producers to make gradual fuel purchases during times like this when the market holds many competing variables.