The third-generation EcoDiesel engine won't be a cheap option when it arrives under the hoods of 2020 Ram 1500s in the fourth quarter of 2019.

The oil-burner option will cost an extra $4,995 over the base 3.6-liter V-6 mild-hybrid engine, bringing the total to $38,585 including destination. It will also carry a $3,000 premium over the mild-hybrid 5.7-liter Hemi V-8.

Ram's EcoDiesel is a 3.0-liter V-6 turbodiesel that produces 260 horsepower and 480 pound-feet of torque. It will be paired with an 8-speed automatic transmission and offered with rear- or four-wheel drive.

2020 Ram 1500 EcoDiesel

2020 Ram 1500 EcoDiesel

While the turbodiesels from Chevrolet and Ford both offer lower towing ratings than the available V-8s and Ford's twin-turbo 3.5-liter V-6, the Ram EcoDiesel can tow up to 12,560 pounds, a mere 190 pounds less than the Ram 1500's maximum towing rating. The max payload with the EcoDiesel is a stout 2,040 pounds, also nearly matching the Ram 1500's max payload rating of 2,320 pounds.

The EcoDiesel will be an option for every Ram 1500 buyers can consider, even the off-road-ready Rebel.

Ram hasn't release fuel economy ratings yet, but Ram spokesman Dave Elshoff told Motor Authority the third-generation EcoDiesel will be more efficient than the outgoing engine. That engine was up to 29 percent more fuel efficient on the highway than the 5.7-liter V-8.

How does the new EcoDiesel perform? Check out first drive review of the 2020 Ram 1500 EcoDiesel on our sister site The Car Connection on Tuesday.