Philadelphia market sees no change at the pump

The average price of a gallon of regular remained the same the past week in the Philadelphia market at $3.40 per gallon, according to GasBuddy, which is 15 cents per gallon lower than a month ago and 1.8 cents per gallon lower than a year ago.

That’s three months of declines, or at worst even, from week to week.

The market is bucking the trend, though, with the nation overall up 2.9 cents in the past week to $3.07 per gallon, and it might not be long before the Philadelphia market feels it, too.

The national average is still 13.8 cents per gallon lower than a month ago but 1.8 cents per gallon higher than a year ago, according to GasBuddy

The national average price of diesel increased 0.6 cents in the last week to $4.00 per gallon.

The $3.40 in the Philadelphia market is the fourth-highest price on record for a Dec. 26.

Both adjoining states were up: 0.08 cents in New Jersey to $3.11 per gallon; and 6.0 cents in Delaware to $3.07 per gallon.

“After 13 straight weeks of decline, average gasoline prices have edged higher (nationally) due to optimistic comments from the Fed on cutting interest rates in 2024, coupled with Houthi attacks on vessels in the Red Sea, boosting concerns of a disruption to global shipping, including oil shipments,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, the price of gasoline has already jumped, but could ease slightly this week ahead of the New Year. For now, I’m optimistic that we may still have a chance of seeing the first $2.99 national average since 2021 sometime before spring arrives. … Hopefully motorists will be able to celebrate a New Year with good news at the pump.”