Diesel prices have surged due to lower inventories of middle distillates in the US and Europe, with hedge funds betting on higher prices amid concerns about reduced supply and increased demand. Refining margins have also strengthened as a result of tighter supply of crude and fuels.
Oil futures rose to a one-week high due to a surge in U.S. diesel prices, a decrease in oil rigs, and a fire at a Louisiana refinery, despite weak economic data and a stronger dollar.
Oil prices rose to their highest level in over six months due to expectations of tightening supplies, with Saudi Arabia expected to extend its voluntary oil production cut and Russia agreeing to cut oil exports next month.
India's road transport minister has warned automakers to reduce production of polluting diesel vehicles or face higher taxes and levies, raising concerns in the country's car market, which is the third-largest in the world; petrol vehicles have been the top sellers in recent years, while diesel carmakers have seen a decline in market share, although diesel variants remain popular in the luxury segment.
The prices of petrol and high-speed diesel (HSD) are expected to increase by Rs16 per litre and Rs13.66 per litre, respectively, in the upcoming fortnightly review, due to rising global oil prices and depreciation of the rupee against the dollar.
Gasoline prices rose 10.6% in August, contributing to the biggest monthly increase in U.S. consumer prices this year, but the overall inflation outlook remains optimistic as gas prices are expected to fall in the coming months. Core inflation, excluding food and energy prices, also increased, but analysts believe it is just a temporary bump and the overall trend is still heading in the right direction.
Gasoline prices in the US have reached a record high for this time of year, posing a challenge to President Joe Biden's fight against inflation.
The caretaker government of Pakistan has raised petrol and diesel prices to record levels, leading to a surge in inflation and impacting the prices of essential commodities, while the country continues to invest in and expand its nuclear weapons program.
The caretaker government in Pakistan has announced a historic hike in petrol and diesel prices, with fuel costing over ₹330 per litre, further burdening the public already facing high inflation.
Rising oil prices continue to soar due to supply cuts by Saudi Arabia and Russia, with Brent and WTI crude prices reaching their highest level since November and targeting their biggest quarterly jumps since 2014, causing concerns about potential inflation and impacting industries reliant on fuel such as airlines and trucking companies.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
Oil prices rose over 1% after Russia implemented an export ban on diesel and gas, which aims to replenish domestic supply and reduce prices, potentially impacting global oil supply and driving up energy prices, excluding demand shrinkage, while also predicting easing gas prices in the US except for some western states.