Big rise in Philadelphia market in past week
The average price of a gallon of regular was up 13.3 cents per gallon in the past week, the biggest move in more than six months, to $3.52 per gallon Monday, according to GasBuddy’s survey of 979 stations in the Philadelphia market.
That price is 15.1 cents per gallon higher than a month ago and 12.5 cents per gallon higher than a year ago.
The national price of regular was up 6.4 cents per gallon in the past week to $3.51 per gallon on Monday.
The national average
is up 27.0 cents per gallon from a month ago and 8.7 cents per gallon higher than a year ago, according to GasBuddy.
The Philadelphia market had spent an unusual three weeks in a row below the national average, a nearly unheard of occurrence in the era of the higher state tax on gasoline.
The national average price of diesel increased 2.0 cents in the past week to $4.02 per gallon, which was not a big move.
The $3.52 per gallon is third highest price for a March 25 of the past 11, behind 2022 and 2014. The running price in the Philadelphia market had been in fourth place all year but the latest increase pushed past a year ago, which was also the last time the Philadelphia market price was below the national average.
The increases nearby were not as drastic as the Philadelphia market and again make fill-ups there more worthwhile: New Jersey up 3.7 cents per gallon to $3.28 and Wilmington up a half-penny to $3.29.
“We’ve now seen the national average price of gasoline rising for four straight weeks, which isn’t uncommon for this time of year. What is uncommon is the number of attacks on Russian oil refiners; attacks which could have ripple effects worldwide if they continue,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Russia could see more capacity impacted by the attacks, forcing it to buy such products on the global market, pushing prices up everywhere. With oil prices now under more pressure and attacks potentially increasing on Russian refiners, we could be in for a few more weeks of rising prices. Significant as well is the fact that Americans are now seeing inflation again at the pump with prices higher than they were a year ago.”