Diesel Prices Soar Near Record High, Hammering Local Businesses

The rapid rise of diesel prices is taking a toll on local businesses in the Scranton/Wilkes-Barre/Hazleton market, where the average price of diesel fuel has risen to $6.52 as of Thursday.

This represents an increase of roughly $2.50 from last year and is nearing the record high of $6.62 set in May 2022.

Freight trucks, trains, agricultural equipment, and construction machinery all rely on diesel fuel, so when prices surge, transportation costs rise, leading to higher prices for consumer products.

Patrick De Haan, head of petroleum analysis at GasBuddy, attributed the high diesel prices to oil prices reaching multimonth highs and Russia's ban on exporting diesel until October, which has significantly reduced global supply.