Gas prices in the Philadelphia market

gas pumps

After a stumble last week, gas prices in the Philadelphia market have resumed going in the right direction: down

The average price of a gallon of regular dipped 5.4 cents in the past week to $3.61/g on Monday, according to GasBuddy’s survey of 979 stations in the Philadelphia market.

That’s 14.9 cents per gallon lower than a month ago and 6.2 cents lower than a year ago.

The cheapest station in the market was $3.29 per gallon while the most expensive was $4.89, a difference of $1.60. The locations are not specified.

The average of $3.61 is the fourth-highest price for a June 3 in the past 11 years behind 2022, 2014 and 2023 at $4.99, $3.71 and $3.67, respectively.

Nearby areas were down as well: New Jersey off on average 2.5 cents to $3.45, and Wilmington down 4.9 cents to $3.47.

The national average price of regular was down 5.8 cents per gallon in the past week to $3.50, gas buddy says. That’s down 15.9 cents per gallon from a month ago and 1.9 cents per gallon lower than a year ago.

The Philadelphia market is nearly always higher than the national average. There were a few weeks earlier this year that it slipped below the national.

All of the 11 years in the GasBuddy report show the Philadelphia market higher than the national average.

Diesel also continued a downturn, off 1.8 cents in the past week to $3.82 per gallon.

“The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March. Thankfully, gas prices are unlikely to be moved by OPEC’s meeting and agreement to extend production cuts into 2025, leading the national average to fall below $3.50 in the next week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it’s very likely we’ll continue to see gas prices fall as we approach July 4. Diesel prices also continue to decline to their lowest level in nearly 11 months. The future looks bright for falling fuel prices across the board, though we’ll have to keep our eyes on hurricane season.”