RICHMOND, Va. — Drivers are now paying an average of $4.35 per gallon for gas in Richmond as the average price increased 4.3 cents per gallon over the past week, according to GasBuddy's survey of 567 local stations.
Richmond drivers are paying 45.3 cents more per gallon than a month ago and $1.32 more than this time last year, GasBuddy data shows.
Richmond's gas price increases buck the national trend, where average prices fell 1 cent per gallon over the past week to $4.47 per gallon.
"The national average price of gasoline spent much of last week drifting lower after jumping early in the week as oil prices softened on hopes that diplomatic progress between the U.S. and Iran could help ease supply concerns," De Haan said. "However, that optimism faded after President Trump's meeting with China's Xi Jinping failed to produce a breakthrough on Iran, while renewed warnings toward Tehran have helped push oil prices higher again."
De Haan warned that continued volatility is likely as Memorial Day approaches.
"With global oil inventories continuing to trend toward historically tight levels, markets remain extremely sensitive to geopolitical developments and potential supply disruptions," he said. "As a result, gasoline and diesel prices are likely to remain volatile, and with Memorial Day approaching, any sustained increase in oil prices could begin pushing retail fuel prices higher again in the weeks ahead."
Diesel prices nationally decreased 0.5 cents compared to last week, averaging $5.618 per gallon, according to GasBuddy.
Historical data shows Richmond gas prices have fluctuated significantly over the past five years, ranging from a low of $2.94 per gallon in May 2021 to a high of $4.46 per gallon in May 2022, GasBuddy records show.
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