Michigan Diesel Hits Record High as Fuel Prices Spike
Michigan diesel prices set a new record at $6.54 per gallon on Thursday. Unleaded gas also rose sharply, adding to the pressure on drivers and commercial fleets.
Michigan diesel prices reached a record high of $6.54 per gallon on Thursday. This figure surpasses the previous state record of $6.44 set just one day earlier. The daily jump represents a 20-cent increase in the cost of the fuel blend used by trucks and commercial vehicles.
Regular unleaded gasoline in Michigan also saw a significant rise. The average price climbed to $4.75 on Thursday, a 21-cent jump from Wednesday. Several counties in the state now report local averages at or above $4.80 per gallon. The state record for regular unleaded remains $5.22, established in June 2022.
State and national price trends
National average prices for regular unleaded gas hit $4.43 on Thursday. Diesel fuel reached a new national record of $6.39 per gallon on the same day. These figures follow a steady upward trend over the previous three days. The national record for regular unleaded gas stands at $5.01 from June 2022.
Factors driving pump prices
Crude oil pricing accounts for 52% of the cost of regular gasoline. It makes up 42% of the price of diesel fuel. The remaining costs include refining, distribution, and various tax levies. According to the U.S. Energy Information Administration, changes in any of these components directly affect retail prices. GN auto markets/energy: crude oil prices tracks these shifts closely. Daily updates from AAA provide the specific data points for these changes.
Rapid increase over recent days
Michigan diesel costs rose from $6.14 on Monday to $6.54 on Thursday. Regular unleaded gas in the state increased from $4.31 to $4.75 over the same period. The pace of price changes has accelerated significantly in the last few days. Drivers face higher expenses for both personal and commercial vehicle fuel.
