By: Roger W. Gilroy, Staff Reporter
The U.S average retail price of diesel fell 0.1 cent to $2.420 a gallon, according to the Department of Energy, but fuel prices are likely to rise soon, one analyst said.
The increase could be the result of a Nov. 30 agreement among OPEC members to reduce oil production beginning in January.
Crude oil futures on the New York Mercantile Exchange closed November 29 at $45.23 per barrel but climbed to more than $49 by mid-morning the next day on news of the deal.
The national average diesel price, however, is 0.1 cent less than it was a year ago, when the price was $2.421. DOE said that after its Nov. 28 survey of fueling stations.
Changes in the average regional diesel prices were mixed: higher in three regions, unchanged in two and lower in five.
Meanwhile, the U.S regular gasoline average prices fell 0.1 cent to 2.154 a gallon, 9.5 cents higher than a year ago, DOE’s Energy Information Administration said.