PEORIA, Ill. (WMBD) — Gas prices have fallen approximately 4.2 cents on average in the Peoria area since last week.
According to a survey of 148 local gas stations by GasBuddy, the average price of gas in Peoria was $3.53 a gallon Monday. This is a slight drop from last week, but up 17.6 cents from a month ago. It is also about 5 cents lower than a year ago.
On Sunday, the cheapest gas price in Peoria was $3.31 a gallon, and the most expensive was $3.89 a gallon.
The average price of gas in Illinois was $3.59 a gallon. The national average was $3.44 a gallon, which was down 4.4 cents per gallon from last week.
“For the first time in 2023, the national average price of gasoline has seen a weekly decline, primarily thanks to a sharp and sudden drop in the price of oil,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the decline in both gasoline and diesel prices is terrific, it’s not unusual to see prices falling in February, which tends to be the month with some of the lowest gasoline prices of the year thanks to seasonally weak demand. For diesel, we’re likely to see more declines, and potentially much more significant in the weeks ahead as imports of distillate have accelerated, leading to a sell off. And, with warmer weather ahead, demand may struggle as well. However, especially for gasoline, high levels of coming maintenance and the eventual transition to summer gasoline could lead today’s declines to reverse down the road. For now, motorists should enjoy the decline, but be wary as we’re likely to eventually see increases again down the road.”
More information is available on GasBuddy’s website.