WATERBURY, Conn. (WFSB) – The price of diesel in Connecticut was well over $6 per gallon Wednesday, about $2.50 more than the same time last year. More than 70% of food and goods are delivered by diesel-burning trucks, according to the American Trucking Association.
Osman Kilic, professor of finance at Quinnipiac University, said rising fuel costs affect consumers even if they do not drive diesel vehicles because those costs get passed along through the supply chain.
“The food sector, their margin is very tight,” Kilic said. “They cannot control it. They’re not going to have a negative margin.”
Kilic said the increase in diesel prices has contributed to rising prices for agricultural commodities since the war started in Iran.
“All those agricultural commodities go up substantially, and that’s what’s been going on since the war started in Iran,” Kilic said. “The soy beans, wheat, you name it. All of those commodity prices have been creeping up tremendously.”
George Porter, owner of Wolcott Sanitation Services, said he is trying not to pass the added fuel costs on to customers.
“From buying groceries and products everywhere, putting fuel in here every day is killing us,” Porter said.
Porter recently raised his rates but said he still will not add a fuel surcharge.
“Nobody wants to see that on their ticket. I mean, even us, we have materials delivered. It says there’s a fuel surge. It’s hard for me to swallow that,” Porter said.
Kilic’s advice for families affected by rising prices is to minimize non-essential spending until diesel prices decrease.
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