Diesel likely will cost 41 cents more on average during 2011 than it did during 2010, according to the latest Short-Term Energy Outlook from the U.S. Department of Energy’s Energy Information Administration.
In 2010, the average on-highway retail diesel price was $2.99. EIA expects that to rise to $3.40 in 2011 and $3.52 in 2012.
Meanwhile, EIA believes regular-grade gasoline retail prices will rise from an average of $2.78 per gallon in 2010 to $3.17 per gallon in 2011 and $3.29 per gallon in 2012.
“Rising crude oil prices are the primary reason for higher retail prices, but higher gasoline and distillate refining margins are also expected to contribute to higher retail prices,” EIA said.
The entire Short-Term Energy Outlook is available on the EIA website.