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Diesel prices resume upward trend

The average U.S. retail price of diesel fuel has increased to $1.584 from the previous average of $1.568, the Department of Energy reported recently.

The highest prices were in California, at $1.866; New England, at $1.765; the Central Atlantic region, at $1.730; and on the West Coast, where the average price is $1.789.

The dollar-fifty/sixty range greeted the Lower Atlantic region, where the average price is $1.533; the Midwest, at $1.544; the Gulf Coast, at $1.524; $1.602 on the East Coast; and in the Rocky Mountain region, where the price is $1.554.

The increase comes as OPEC is considering a further cut in output to shore up oil prices, according to news reports. Indonesia's oil minister and OPEC head Purnomo Yusgiantoro says the group would consider further reducing oil output to keep the price from falling below $22 a barrel.

Yusgiantoro’s comments came a few days after OPEC announced it intended to cut production limits by 1 million barrels a day starting April 1. The producers are worried that as demand tails off at the end of a particularly harsh winter in the northern hemisphere, the price will slip out of their target range of $22 to $28 dollars a barrel.

OPEC will meet in March to review the situation.

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