US diesel prices averaged US$5.998 a gallon on Saturday, down from a record US$6.519 on Sept 22, according to GasBuddy. (EPA Images pic)NEW YORK: US diesel prices fell below US$6 a gallon on average on Saturday after two months above that threshold, retreating from record highs as easing geopolitical tensions and seasonal demand weakness reducing pressure on fuel markets.
Diesel had surged as the US-Israeli war against Iran disrupted oil supplies and Ukraine's systematic attacks on Russian refineries stymied production.
Elevated diesel prices, a key driver of transportation and freight costs, have boosted overall inflation, causing pain for consumers, farmers and businesses. High fuel costs were a major factor helping Democrats sweep both houses of Congress from President Donald Trump's Republicans in this month's midterm elections.
