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July 7, 1999 11:12 AM, EDT

National average diesel fuel prices jumped to their highest level in 17 months during the week ending June 28, and the surge in diesel prices over the past three weeks has cost trucking companies an estimated $9 million, according to analysts.

he average diesel price rose a half-cent to $1.087 a gallon, after the previous week’s steep 1.4-cent gain, the Department of Energy reported. It has not reached this level since Feb. 2, 1998, when the rate was $1.091.

Thom Albrecht, an analyst with the investment banking division of ABN AMRO, noted that in historical terms the current rate is not particularly high. The high mark for the latter half of this decade was $1.329, which was posted on Oct. 6, 1996.

“Stability is more important than the specific price, so long as it is the same for everyone” in the industry, Albrecht said.

As for the current price, he said trucking could maintain profits at rates between $1.08 and $1.10 a gallon — if that price is high enough to ensure a predictable supply.

For the full story, see the July 5 print edition of Transport Topics. Subscribe today.