Philly fuel prices move up again despite decline in crude markets

Gasoline prices in the Philadelphia area moved up yet again on Thursday to new record levels, though by smaller increments than in recent days as world energy markets pulled back for the first time since Russia’s invasion of Ukraine.

The average price of a gallon of unleaded gasoline in Southeastern Pennsylvania was $4.49 on Thursday, up 4 cents from Wednesday, up 77 cents from a month ago, and up $1.51 from a year ago, according to AAA. In South Jersey, the average price was $4.31 a gallon, up 2 cents from Wednesday, up 79 cents from a month ago, and up $1.41 from a year ago.

There was no relief from big increases for diesel customers, however. The average price of diesel in Southeastern Pennsylvania was $5.33 on Thursday, up 15 cents from Wednesday, and up $1.99 in a year, according to AAA. In South Jersey, diesel fetched $5.08 per gallon, up 16 cents from the day before, and up $1.93 on the year.

» READ MORE: Gas prices are up. How high will they go?

The price for crude oil, the raw material in gasoline, continued to drift lower Thursday after a dramatic 11% fall on Wednesday to $109 a barrel. The price of a barrel of benchmark West Texas Intermediate crude closed at $105.85 a barrel on Thursday, according to MarketWatch.

The pump prices have reached records on successive days in the Philadelphia area, where the previous high was $4.16 in June 2008. Adjusted for inflation, the 2008 price would be $5.32 today.

“Cheap” is a relative term in record elevated markets.

GasBuddy and AAA operate websites that allow users to search for the best prices in their area, as reported by other motorists. If a price is outlandishly low, make sure to check for the last time the price was updated.

Geico, the insurance company, also offers an online search tool and app that finds the best prices within five miles of your location.