Ukrainian strikes on Russian oil refineries have led to a rise in diesel prices in the US
This is according to the American publication Axios.
Why are diesel prices rising?
As the publication notes, Ukrainian attacks on Russian oil refineries have reduced Russia’s ability to produce and export fuel. The escalating situation in the Middle East has put further pressure on the market, which has also affected energy prices. The situation has been further complicated by Russia’s temporary restrictions on fuel exports. Against this backdrop, the price of diesel in the US has exceeded $5 per gallon (3.78 litres).
What might the consequences be?
Diesel is a key resource for freight transport, agriculture, the construction sector and logistics. Therefore, a rise in its price could affect not only transport costs but also the cost of goods and the rate of inflation.
According to Axios, the current situation demonstrates that regular strikes on Russia’s oil refining infrastructure are now extending beyond the scope of a regional conflict and are affecting the global energy market.
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