Diesel vs Spot Rates: Why Carriers Are Better Off Than Last Year

Truckload carriers are experiencing better financial performance than last year, despite record-high diesel prices, according to FreightWaves SONAR data. Spot rates have increased from around $2.40 per mile to $3.42 per mile, a 90 cent gain year-over-year. Net Truck Index of Linehaul (NTIL), which accounts for diesel costs, shows carriers are still ahead by approximately $0.70 per mile compared to 2024.

While the market appears healthier, carriers express uncertainty over whether rates are high enough for comfort. Truckload rejection indices have risen since mid-September, continuing a trend seen in past peak seasons. Diesel prices continue to strain cash flow, despite higher spot rates, as fuel surcharges do not cover deadhead and repositioning miles. Banks are also becoming more cautious about lending due to the current cash-flow situation.