Gasoline Prices Dropping at Retail But Diesel Trending Upward
SOUTH PORTLAND, ME - With weak demand for gasoline, Wright Express said experts expect retail gasoline prices to drop. Diesel prices are likely to rise, though.
SOURCE: Wright Express
SOUTH PORTLAND, ME - Wright Express (WEX) released its latest fuel price outlook on gasoline and diesel prices in the U.S. WEX said retail gasoline prices moved up to $3.42 per gallon on average, 60 cents per gallon when compared with last year.
WEX said most experts think retail gasoline prices could drop over the next few weeks due to weak demand and healthy supplies. The DOE said demand during the last four weeks averaged 8.657 million barrels per day, which is a 4 percent decline from the same period last year.
On the other hand, experts expect diesel prices to rise. Supplies for ultra-low sulphur diesel are tight. The national average for diesel is $3.90 per gallon, which is almost a 10-cent drop in the last month. It’s also 80 cents higher than during the same period last year.
WEX said wholesale diesel prices are rising rapidly and that fleets will likely see higher prices at the retail end of the pump.
The company also said E-85 is more expensive than gasoline in every U.S. market, with premiums up to 30 cents per gallon higher in some locations. In addition, retailers are reporting nearly no demand, which WEX said could mean the end of E85 pumps anywhere other than the Midwest if the tax incentive expires at the end of 2011.
SOURCE: Wright Express
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