10 October 2012 17:27 [Source: ICIS news]
HOUSTON (ICIS)--Retail gasoline and diesel prices should decline through the end of 2012, a government agency said on Wednesday.
After a sharp increase in retail gasoline prices in April, when gasoline hit a monthly average of $3.90/gal, prices will decline through the end of the year as the gasoline market transitions from summer to winter-grade gasoline specifications and crude oil prices fall, the US Energy Information Administration (EIA) said in its Short-Term Energy and Winter Fuels Outlook.
The EIA projects regular gasoline retail prices to average $3.60/gal during the fourth quarter of 2012, and $3.44/gal in 2013.
Retail diesel prices reached near-monthly highs for the year at $4.12/gal in September on tight market conditions and increasing crude oil prices.
However, retail diesel fuel retail prices would fall, averaging $3.98/gal during the fourth quarter and $3.81/gal in 2013, the EIA said.
The wholesale diesel margin, which is the difference between the wholesale price of diesel and the refiner acquisition cost of crude oil, hit a four-year high of 85 cents/gal in September.
In 2012, EIA projects those margins will average 68 cents/gal in 2012 and 63 cents/gal in 2013.
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