Current gas prices displayed at a Philadelphia station.
The average gasoline price in Philadelphia has decreased by 1.6 cents to $3.10 per gallon, showing a significant drop from previous years. New Jersey and Delaware also reported declines in gas prices. With summer approaching, experts suggest prices may stabilize or decline further due to seasonal maintenance and refinery adjustments. Overall, the decline in fuel prices signifies potential relief for consumers as holiday travel approaches.
Philadelphia – The average price of regular gasoline in the Philadelphia market saw a slight decrease of 1.6 cents for the week ending Sunday, bringing it to $3.10 per gallon. This price is 7.0 cents lower compared to a month ago and marks a significant drop of 58.8 cents from the same period last year.
Within the Philadelphia area, consumers can find gas prices that vary significantly. The lowest recorded price for regular gasoline is currently $2.85 per gallon, while the highest price stands at $3.95, resulting in a notable $1.10 range. This difference in price has remained consistent from the previous week.
On May 11, Philadelphia’s average gas price ranked as the fifth highest when compared to the same date in previous years. Current prices are still lower than those in 2022, where the average was noted at $4.66, and even lower than the averages for 2024 at $3.68 and 2023 at $3.60. Comparatively, average prices in May for 2018 and 2019 stood at $3.05 and $3.01, respectively.
The trends in gasoline prices are not isolated to Philadelphia. In nearby states, the average price for gas in New Jersey experienced a decrease of 3.6 cents, bringing it down to $2.94. Delaware’s average gas price fell even further, declining by 4.8 cents to reach $2.97 per gallon. On a national scale, the average gasoline price also saw a downward trend, dropping by 4.2 cents to $3.08 per gallon. This national average reflects an 8.6-cent decrease from a month ago and a significant drop of 50.6 cents compared to the same time last year.
Diesel prices have also seen a decline, with the national average for diesel dropping by 2.8 cents to settle at $3.47 per gallon, nearing its lowest level since 2021. The changes in diesel prices mirror the broader trends in fuel pricing across the country.
As the summer approaches and Memorial Day weekend draws nearer, it is anticipated that gasoline prices may continue to decline or stabilize. Energy experts note potential fluctuations due to seasonal maintenance and output adjustments at refineries. Current insights suggest that prices are likely to remain close to their lowest seasonal levels since 2021 as the holiday approaches.
In summary, Philadelphia residents are benefiting from a slight reduction in gas prices, with averages showing a notable decrease month-over-month and year-over-year. A broader assessment reveals that regional and national trends reflect a general decline in gasoline prices, which may prevail in the coming weeks. As consumers prepare for the summer season and holiday travel, the evolving landscape of fuel pricing remains a focal point for many.
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