Diesel price per gallon average drops 1.6 cents to $2.776

The average price per gallon of diesel gasoline dipped 1.6 cents to $2.776 per gallon, the Department of Energy’s Energy Information Administration (EIA) reported this week.

This decline follows a $0.4 cent increase to $2.792 last week and a $0.03 decline from the week of September 18 to the week of September 25, when the weekly average checked in at $2.788. The week of September 18 saw the weekly price dip $0.011  to $2.791 per gallon, which snapped a stretch of previous weekly gains, , due to the impact of Hurricanes Harvey and Irma on freight transportation and logistics operations. From the week of August 28 to the week of September 4 after Harvey hit Texas that week’s average price jumped 15.3 cents to $2.758 per gallon, which at that time was the highest weekly level going back to $2.782 from the week of July 20, 2015 and the largest weekly gain since March 2011.

On an annual basis, this week’s average price per gallon is up 33.1 cents.

The average price per barrel of West Texas Intermediate Crude oil on the New York Stock Exchange is $50.92.