US Diesel Hits Record $6.23 as Unleaded Reaches $4.32

The average price for a gallon of diesel fuel reached $6.23 this week. This figure marks a new record high for the commodity. Regular unleaded gasoline averaged $4.32 per gallon on Monday. Both fuel types showed significant upward movement over the past seven days.

Data from GN auto markets/energy: gasoline prices indicates a 5.57% week-over-week increase for diesel. Unleaded gasoline rose 3.9% during the same period. These gains continue a trend of rising costs that began after Labor Day records were set.

Year-over-year price increases accelerate

Diesel costs are up 68.73% compared to the same time last year. Unleaded gasoline prices have increased by 35.94% year-over-year. Since December, diesel prices have climbed 48.33%. Unleaded gasoline has risen by a similar margin over the same period.

The national average for unleaded gasoline stands at $4.32. This level remains below the historical peak of $5.02 recorded in 2022. However, current forecasts suggest further price hikes are expected in the coming weeks.

State-level costs exceed national averages

In South Carolina, the average price for a gallon of unleaded gasoline is $3.92. This state average is lower than the national figure. However, local diesel prices reached $6.04 per gallon. This is a 76.94% increase from the same period last year.

Residents in the state spend a larger share of their income on fuel. The local spending share is 2.82% of income. The national average for this metric is 2.28%. Higher fuel costs directly impact local agricultural and transportation sectors.

Policy responses remain limited

State legislators have blocked proposals to suspend the gasoline tax. The state tax rate is 28.75 cents per gallon. Officials argue that tax revenue must remain stable despite rising consumer costs. This decision contrasts with calls from agricultural leaders for immediate relief.