US diesel price hits new record high in blow to Trump
The fuel, widely used in transport, agriculture and construction, hit US$6.2694 as the Middle East war and Ukrainian strikes on Russian refineries tightened supplies.
The US diesel price reached a new record high of US$6.2694 per gallon, according to the AAA, in the wake of the US-Iran war that began on February 28. The diesel price surged from US$3.7577 per gallon at the start of the conflict, hitting US$6.2694 as the Middle East war tightened supplies and Ukrainian attacks on Russian refineries further exacerbated the issue.
Arne Lohmann Rasmussen, chief analyst at Global Risk Management, stated that the diesel and gas oil markets are extremely tight. A halt to Ukrainian attacks on Russian refineries would help alleviate the diesel balance, but the shortage of refined products from the Middle East is the primary concern, Rasmussen added. The diesel price had reached a record US$5.8159 per gallon in June 2022, just months after the Russia-Ukraine conflict began.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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