Prices on this page last updated 4 October 2026, using NYMEX heating oil futures as a diesel wholesale proxy (OilPrice.com).
US wholesale diesel price tracking, via NYMEX heating oil futures (the standard proxy for ULSD movements), stands at $4.5010 per gallon, down 3.04% on the day and down 0.86% over the past month, pausing after the climb described in this page’s previous update. This tracks the same pause shown on OGSN’s heating oil price page, which uses the same benchmark, pointing to a broad distillate move rather than an isolated diesel-specific event.
Current Diesel Price
| Benchmark | Price | Unit | Change | As of |
|---|---|---|---|---|
| NYMEX Heating Oil (diesel/ULSD proxy) | $4.5010 | $/gallon | -3.04% day, -0.86% month | 4 October 2026 |
NYMEX heating oil futures data sourced from OilPrice.com, used as a standard proxy for ULSD/diesel wholesale movements. The monthly change compares with the 6 September 2026 update ($4.5400).
Diesel Price History
The diesel price followed crude oil sharply higher in March 2026 as Strait of Hormuz disruptions tightened global distillate supply, then eased through June before firming again from July onward. That climb paused over the past month, with the benchmark down 0.86% to $4.5010 even as Brent rose 6.2%.
What Is Driving Diesel Prices
The dominant driver of the diesel price is crude oil feedstock cost, and diesel closely tracks crude movements with a short lag as a middle distillate. The elevated level through Q3 reflects the same drivers established across OGSN’s crude and distillate pages: as of early September the Strait of Hormuz remained severely restricted six months into the conflict, with independent ship-tracking data putting daily transits at roughly 12-13 vessels against a pre-war baseline of around 100.
Freight costs affecting Russian crude exports also continued adding pressure as Ukrainian strikes disrupted Black Sea shipping and domestic refining capacity.
On the demand side, on-highway diesel consumption from trucking and freight typically remains resilient regardless of price level, supported by construction activity and agricultural hauling.
Globally, the diesel price diverges sharply based on tax and subsidy policy, a structural feature independent of the current crude cycle. The EU’s high excise tax regime and ongoing removal of commercial diesel tax breaks in France, Germany, and the Netherlands continue to apply regardless of wholesale price direction. According to the IEA Oil Market Report, global distillate demand is expected to remain firm through 2026 as industrial and freight activity in emerging markets continues to expand.
Diesel Price Storage Economics
Diesel and distillate products are stored in above-ground storage tanks at refineries, terminals, and bulk fuel depots. Unlike crude oil, where storage economics are driven primarily by the forward curve, diesel storage demand is shaped by a combination of refinery run rates, seasonal demand patterns, and the wholesale-to-retail margin.
For tank terminal operators managing diesel and heating oil storage, an elevated wholesale price typically increases the commercial value of strategically located terminal capacity near major consumption centres, as buyers seek to secure supply ahead of potential increases.
Operators with terminals on the US Gulf Coast are best positioned to capture storage margins during periods like this.
The same applies in the ARA region (Amsterdam-Rotterdam-Antwerp), covered in our top ARA tank terminals ranking, and at key Asian distribution hubs.
Checking Retail and Regional Diesel Prices
This page tracks the US wholesale proxy benchmark, updated monthly against a live source. Retail diesel prices (US national average, California, UK, EU, and global comparisons) and regional US wholesale spot benchmarks (Gulf Coast, NY Harbor, Los Angeles) move on a separate cycle shaped by local taxes, distribution costs, and regional supply conditions not captured in the wholesale futures proxy. For current US retail and regional figures, check the EIA’s Weekly Retail Gasoline and Diesel Prices report directly.
Diesel Price in Currency
| Currency | Price per Litre | Price per Gallon | Exchange Rate Used |
|---|---|---|---|
| US Dollar (USD) | $1.1890 | $4.5010 | Benchmark |
| Euro (EUR) | €1.056 | €3.998 | 1 USD = 0.88821 EUR |
| British Pound (GBP) | £0.898 | £3.399 | 1 USD = 0.75514 GBP |
| Japanese Yen (JPY) | ¥187.70 | ¥710.53 | 1 USD = 157.86 JPY |
| Chinese Yuan (CNY) | ¥7.97 | ¥30.19 | 1 USD = 6.7063 CNY |
| Indian Rupee (INR) | ₹114.42 | ₹433.14 | 1 USD = 96.232 INR |
Exchange rates are mid-market rates as at 4 October 2026. Wholesale price converted at 3.78541 litres per US gallon.
Diesel Price Per Litre, Gallon and Metric Tonne
| Unit | Price (wholesale proxy) | Notes |
|---|---|---|
| Per US gallon | $4.5010 | NYMEX heating oil, used as ULSD proxy |
| Per litre | $1.1890 | $4.5010 ÷ 3.78541 litres per gallon |
| Per Imperial gallon | $5.406 | $4.5010 × 1.201 UK gallon conversion |
| Per metric tonne | ~$1,410.20 | Based on diesel density ~0.845 kg/litre; approx 1,186 litres/tonne |
| Per barrel (42 US gallons) | $189.04 | $4.5010 × 42 |
Diesel Price Outlook
The wholesale price has paused after its summer climb, down 0.86% on the month even as crude firmed. Whether US retail follows this wholesale move, as it typically does with a short lag, should be checked directly against current EIA data rather than a fixed figure here.
In Europe, the diesel price outlook remains complicated by the progressive removal of commercial diesel tax breaks in France, Germany, and the Netherlands, a structural pressure that applies regardless of the current crude cycle direction. European retail diesel prices may stay elevated even if wholesale eases again, given tax policy is tightening independently through 2026 and into 2027.
For bulk fuel terminal operators, elevated wholesale levels continue to reinforce the case for maintaining flexible storage capacity. Terminal operators with long-term contracted capacity in key distribution hubs remain well positioned, while those relying on spot bookings should watch EIA retail data closely for confirmation of whether pump prices track the wholesale benchmark.
What is the current diesel price?
Diesel prices fluctuate based on crude oil feedstock costs, refinery margins, regional taxes, and seasonal demand. This page is updated monthly with the latest US wholesale spot and retail benchmark data from the EIA. For real-time wholesale prices, refer to the EIA or CME Group directly.
What is driving diesel prices?
Diesel prices are primarily driven by crude oil costs, refinery distillate margins, freight and industrial demand, and government tax and subsidy policy. Supply disruptions affecting crude oil flows — such as geopolitical events in major producing regions — transmit rapidly into wholesale diesel prices through the refining crack spread.
Why is diesel more expensive than petrol in some countries?
In the United States, diesel has historically traded at a premium to gasoline due to strong freight and industrial demand competing with heating oil for the same distillate barrel. In Europe, diesel has traditionally been cheaper at the pump than petrol due to lower historic tax rates, though this gap is narrowing as EU nations remove commercial diesel tax exemptions to meet carbon targets.
How does diesel price affect tank terminal storage demand?
High diesel prices with strong wholesale-to-retail margins incentivise fuel distributors and terminal operators to build inventory, as the carry cost of holding product is offset by the margin available on forward supply contracts. Terminal operators handling distillates at strategically located hubs — US Gulf Coast, ARA, and Asian distribution terminals — capture the most value during high-price, high-margin periods.
What is the diesel price in different currencies?
Diesel is priced in US dollars at the wholesale level globally, with retail prices converted to local currencies based on national tax regimes. This page includes a currency conversion table covering EUR, GBP, JPY, AED, CNY, and INR, updated monthly from mid-market exchange rates.
What is the diesel price per litre and metric tonne?
Diesel is most commonly quoted per US gallon in North America and per litre in Europe. This page includes a unit conversion table covering US gallon, litre, Imperial gallon, metric tonne, and barrel — all calculated from the current Gulf Coast wholesale benchmark.
How current is the price data on this page?
Price data on this page is updated monthly. Figures reflect the most recent available benchmark data from the EIA and major exchange sources. For real-time wholesale prices, refer directly to CME Group or the EIA.