What is the average diesel fuel price today

The oil prices traded flat on Wednesday as they headed for monthly and quarterly gains after data suggested the shrinking of U. Meanwhile, an internal report of OPEC seen by Reuters highlights that the oil markets are likely to return to a glut situation after the oil producers club is expected to unravel oil production trims of under 6 million barrels per day bpd by April The diesel prices in India have hiked again despite a marginal dip in the crude prices in the international markets amidst rampant outbreaks and spread of the dangerous delta co-variant of coronavirus across the globe.

The diesel rates in India were seen at Rs The new flare-up in the infection cases of the Delta variant comes ahead of the meeting of the Organization of the Petroleum Exporting Countries OPEC and its allies set to meet on July 1 to discuss easing the supply curbs.

The sudden outbreak and the rampant spread of the new covariant of the coronavirus have weighed on the oil prices to slide in the international markets for a second consecutive day. The Organization of the Petroleum Exporting Countries OPEC and its allies had earlier forecasted the oil demand to improve during the fourth quarter of They had also predicted that the worldwide fuel supply will fall short of demand by 2.

The rise in the cases of the Delta variant in Britain has led to the slow down of talks of a travel corridor between the U.

The fuel prices managed to rise for the fifth week as improved fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while crude supplies worldwide stayed snug following maintained production cuts by the OPEC and its allies. The oil producers club is returning around 2. The outbreak of the pandemic crisis led to the slump in fuel prices as it crashed to zero and traded in negative levels during April To fix the trouble faced by the oil industry, the members of the Organization of the Petroleum Exporting Countries OPEC and its allies agreed to go for deeper output cuts to support the prices.

The diesel prices gained in India following trends from the international forum amidst strong fuel demand. On Friday, the oil prices continued their rally in the international markets for the fifth consecutive week in a row on expectations of demand growth that will outstrip supply.

The improved fuel demand and the continued drop in the global fuel inventories have bolstered the oil prices to shoot up over the last few days, notes an analyst from UBS. They further added that a likely slump in the oil inventories to keep the crude prices moving higher during the third quarter of The crude rates also secured support amidst the approval of the U. The outbreak of the pandemic crisis has diminished the fuel demand worldwide, weighing on its prices to slump.

But the gradual reopening of the economies and easing of the travel-related restrictions has improved the oil demand. On the demand side, the oil producers club will have to consider the improved fuel demand in Europe, the United States of America and China following huge vaccination rollouts and reopening economic activities.

The diesel prices traded flat in India despite witnessing drop in the global crude rates as oil clocks fifth straight weekly gain. The Organization of the Petroleum Exporting Countries OPEC and its allies will be treading cautiously over returning more crude supply to the markets beginning from August The easing of travel restrictions and vaccination drives has helped the oil demand to rally over the last few weeks.

Apart from this, the signs of economic revival has also lent support for crude. The fuel prices also found support as the approval of the U. The members of the oil producers club will be considering the following key factors on the demand side - the strong growth in Europe, the U. The vaccination drive in these countries has led to reopening of economies helping the fuel demand to shoot up. The diesel prices gained in India despite sliding crude rates marginally in the global markets yet oil has managed to hover at nearly three-year highs on signs of revival of fuel demand.

Doubts about the future of Iran's nuclear deal that could end the U. The U. Data from Germany showed a gradual revival of the fuel demand. The data further revealed the upward leap in retail conditions since German reunification occurred three decades ago. Crude inventories fell to their lowest level across the Atlantic since March , as per the official data.

The diesel prices are stagnant in India despite a rally in the overseas markets amidst a huge drawdown in the U. The diesel rates in Mumbai were seen at Rs The oil prices in the global markets rose after industry data revealed that the U. If the official figures reported from the U. Energy Information Administration gets confirmed, it would be the fifth straight weekly drop, showing that the U. A paid subscription is required for full access.

Additional Information. Monthly retail price of gasoline in the United States As a Premium user you get access to the detailed source references and background information about this statistic. As a Premium user you get access to background information and details about the release of this statistic. This feature is limited to our corporate solutions. Please contact us to get started with full access to dossiers, forecasts, studies and international data.

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Single Accounts Corporate Solutions Universities. Premium statistics. Read more. In October , one gallon of diesel cost an average of 3.

That was a price increase of roughly 1. Diesel prices have been rising significantly in the last month as the world was gripped by an energy supply shortage, particularly of gas and coal, which also affected crude oil prices.

The West Texas Intermediate price has been trading over 70 U. Diesel and gasoline price development The usage of distillate fuel oil began in the s, but until further development in the s, diesel vehicles were mostly applied to commercial use only.

In the U. In general, gasoline also tends to be more widely available than diesel fuel and usually sells for a lower retail price. However, diesel engines have better fuel economy than gasoline engines, and as such tend to be used for large commercial vehicles. You need a Single Account for unlimited access.

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