The retail price of diesel fuel in the US has exceeded $6.5 per gallon for the first time.
Modern.az reports that “Bloomberg” published this information.
In September, the pace of price increases accelerated. In the current month, the price of diesel has already increased by more than 87 cents. Fuel is getting more expensive almost every day and has surpassed the previous peak recorded in 2022.
Global supply of diesel fuel has decreased due to the war between the US and Iran. In addition, crude oil supplies from the Persian Gulf region have not fully recovered. This limits fuel production in refineries in other parts of the world.
Furthermore, Russia has banned the export of a large portion of its diesel fuel. It is reported that this restriction may be extended until the end of October as Ukrainian UAV attacks on Russian oil refineries continue. The Moscow Oil Refinery was also hit over the weekend.
Most car drivers in the US do not use diesel fuel. However, diesel is used in trucks, agricultural machinery, power generators, ships and trains, as well as in heating systems of residential homes. Therefore, the increase in its price affects almost all sectors of the economy.
The record rise in diesel prices could weaken support for President Donald Trump's Republican Party in some US states. The White House is considering possible political measures against rising fuel prices.
Persistently high inflation figures in the US prompted the Federal Reserve to raise the key interest rate by 0.25 percentage points last week. This is the first interest rate hike since 2023.
In Europe, too, the price of diesel has set a new historical maximum.
