EIA: Gasoline and diesel prices will fall in 2023 and 2024

The latest forecast from the U.S. Energy Information Administration (EIA) outlined that petrol and diesel prices will decline this couple of years.

The EIA published its January Short-Term Energy Outlook, where it noted that petrol cost should fall as both wholesale refining margins and crude oil prices fall.

Petrol refining margins will decrease 29% this year and 14% in 2024. It will push retail petrol prices to about $3.30 a gallon in 2023 and $3.10 a gallon next year.

STEO predicts that U.S. diesel refining margins will shrink by 20% in 2023 and 38% in the next year.

Last year, the retail price of petrol was $3.97 per gallon. In 2021, it was $3.02 per gallon.  Automotive diesel fuel averaged $5.02 per gallon last year, and the product averaged $3.29 per gallon in 2021.