Saturday, May 18, 2024

Gas Prices in Philadelphia Market See Another Increase

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In Philadelphia, gas prices have seen a minor increase for the second consecutive week, with the average cost for a gallon of regular fuel rising to $3.34, demonstrating a 1.2 cent hike, GasBuddy reports. This current price is 1.6 cents less than a month ago and 27.6 cents cheaper than the same period last year.

Compared to the national average, Philadelphia’s increase was modest, with the national average rising by 4.3 cents to $3.12 per gallon. This marks a 4.0 cent increase from last month and a 32.5 cent decrease from the previous year. Additionally, diesel prices have gone up by 3.0 cents nationally, now at $3.92 per gallon.

Local prices, although higher — marking the fourth highest in the past 13 years for early February — still represent a significant decrease when compared to certain years in the recent past, with gas prices ranging 20 to 30 cents cheaper than the same time in 2023, 2022, and 2014.

In nearby New Jersey and Wilmington, prices also climbed slightly, settling at $3.13 per gallon.

Patrick De Haan, head of petroleum analysis at GasBuddy, cautions that the current stability in gas prices may not last long. “While most states saw price increases, they were somewhat tame, though the trend will likely begin to accelerate towards the end of the month. Motorists shouldn’t be lulled into a false sense of security by any drop in prices, anticipating instead a shift to higher costs as spring approaches,” he stated.

Jordan Clark
Jordan Clarkhttps://www.businessorbital.com/
Jordan Clark brings a dynamic and investigative approach to business reporting. Holding a degree in Business Administration and a certification in Data Analysis, Jordan has an eye for detail and a knack for uncovering the stories behind the numbers. His career began in the bustling world of Silicon Valley startups, giving him firsthand experience in tech entrepreneurship and venture capital. Jordan's reports often focus on technology's impact on business, startup culture, and emerging

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