Despite the unsettled conditions in the Middle East — on-again, off-again warfare — plus Ukraine’s continuing attacks on Russian oil infrastructure, the average price of regular in the Philadelphia market continued its short downward trend in the week ending Sunday.
“However, the wild ride continues. Iran is pushing back against a reopening of the Strait of Hormuz, and oil prices edged modestly higher in Sunday night trading, signaling that the recent relief may not last,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With the Strait remaining closed, upward pressure on fuel prices could return quickly, and if things don’t go well, the national average could climb to its highest level ever recorded this late in the calendar year. For now, enjoy the dip, but keep a close eye on how the Strait situation develops in the days ahead.”
The average was down 12.5 cents per gallon to $4.10, 15.5 cents per gallon higher than a month ago and 90.2 cents per gallon higher than a year ago. The war-period high for the Philly market was $4.62.
The $4.10 is second to $4.36 in 2022 for the date.
Here’s the GasBuddy locator to determine where you might get a better price than you’re paying now: www.gasbuddy.com/gasprices/pennsylvania/philadelphia.
That Philadelphia market average includes some areas in Delaware and New Jersey where gas prices are historically cheaper. It also includes warehouse stores, where prices are typically cheaper.
According to GasBuddy’s number crunching, the cheapest station in Philadelphia was priced at $3.74 at the close of business on Sunday while the most expensive was $4.99.
If you’re over the state line, it can’t hurt to top off your tank: New Jersey was down 12.8 cents per gallon to $4.00 and Wilmington’s price slipped 17.1 cents per gallon to $3.97.
The national average price of gasoline was down 10.7 cents per gallon in the last week to $3.94 for the week ending Sunday.
The national average is up 9.5 cents per gallon from a month ago and 85.6 cents per gallon higher than a year ago. The national average price of diesel has decreased 5.1 cents compared to a week ago to $5.28 per gallon.
“Average gasoline prices declined in 47 states over the last week while diesel fell in 39, with the national average price of gasoline posting a double-digit drop per gallon,” De Haan continued. “Diesel’s decline was roughly half that of gasoline, in part due to continued pressure on refined product markets from ongoing Ukrainian attacks on Russian oil refineries.”