What Carriers and Fleet Owners Should Know This Week

On Monday, June 10, 2024, the U.S. Department of Energy’s Energy Information Administration (EIA) reported that the national average diesel fuel price rose by 2 cents, reaching $3.471 per gallon. While this change may seem minor, it comes right after a significant milestone: the previous week’s price of $3.451 was the lowest diesel fuel cost since September 2021.

A Small Shift With Big Implications for Trucking Companies

For truck carriers and fleet operators, even slight increases in diesel prices can affect weekly margins, especially for those running long-haul trucking routes or managing multiple vehicles. The cost of diesel fuel remains one of the largest ongoing operational expenses for trucking businesses, making any change—up or down—important to monitor. Staying on top of both fuel trends and regulatory requirements, such as those outlined by the Federal Motor Carrier Safety Administration (FMCSA), helps ensure operations remain both compliant and cost-effective.

While a 2-cent rise may not spark immediate concern, it could be an early sign of a diesel price increase trend as we enter the busy summer travel season. Fuel price fluctuations are common during peak periods due to increased demand and market volatility.

Why the EIA Diesel Price Matters to Trucking Fleets

The EIA’s diesel price index is more than just a number—it’s a critical benchmark for the transportation and logistics industry. Many shippers and brokers rely on it to calculate fuel surcharges. Carriers use it to determine operating costs and help manage budgets. For trucking companies that factor fuel costs weekly, tracking the EIA diesel price is essential for maintaining profitability and forecasting cash flow.

What Trucking Companies Can Do to Manage Rising Fuel Costs

Now is a good time for owner-operators and fleet managers to review their fuel management strategies. Whether it’s improving route optimization, using fuel cards with discounts, or leveraging dispatch services, staying proactive on fuel costs can make a big difference in your bottom line.

If you’re operating without a formal fuel cost management plan or considering switching providers, this slight price increase is a timely reminder that every penny at the pump matters.

Need Help Managing Diesel Fuel Costs?

At Single Point, we offer comprehensive solutions to help trucking companies control fuel expenses. From fuel advances, exclusive fuel discounts, to factoring programs designed for trucking businesses, we’re here to support your success mile after mile.