For the week ending Aug. 8, the U.S. average price of diesel fell 14.5 cents, to $4.993 per gallon, according to data from the U.S. Energy Information Administration (EIA).
Having fallen for seven consecutive weeks, the U.S. average diesel price dropped below $5 per gallon for the first time since March 7.
The diesel price reached a record high of $5.81 per gallon during the week of June 20.
According to EIA, the price dropped because of declines in both demand and oil prices.
In the Midwest, the key grain-producing region, the diesel price dropped 14.9 cents, to $4.959 per gallon.