Philadelphia market still below national average

The average price of regular in the Philadelphia market increased 5.3 cents per gallon in the past week to $3.39, according to GasBuddy, and for the third week in a row the market price remains below the national average, in an about-face after years of being above.

The price Monday was 2.8 cents per gallon lower than a month ago and 6.9 cents per gallon lower than a year ago.

Nationally, GasBuddy reports a 4.4-cent increase in the past week in regular to $3.44 per gallon, up 18.7 cents per gallon from a month ago and 1.6 cents per gallon higher than a year ago.

The national average price of diesel declined 2.2 cents in the last week to $4.00 per gallon.

The Philadelphia market price Monday is the fourth highest for a March 18 in the past 11 years, behind 2022, 2014 and 2023, respectively.

All of the March 18s of the previous decade show the Philadelphia market price higher than the national average, some a little and some a lot. Four years ago as the COVID-19 storm was breaking, the Philadelphia market was at $2.46 per gallon with the national average at $2.16.

Adjoining areas saw prices increase last week and were inching closer to the price in the Philadelphia market: New Jersey up 7.4 cents per gallon to $3.24 and Wilmington up 5.4 cents per gallon to $3.29.

Last year with 40- to 50-cent difference in prices, it was worth the while to hop a bridge or the state line to save a ten spot or more on a fill up. But it’s barely worth the while anymore.

“Most Americans continued to see average gasoline prices march higher last week. The reason is the season: Gasoline demand is rising as more Americans are getting out, combined with the summer gasoline switchover, which is well underway, and continued refinery maintenance,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The madness should slow down in the next few weeks as we’ve seen positive data that refinery output is starting to increase, a sign that the peak of maintenance season could be behind us. … When it comes to diesel, the news has been good: above average temperatures have lowered heating oil demand, and average diesel prices are on the cusp of falling back below $4 per gallon.”