Diesel may be the next pain point in Europe’s energy crisis, with EU sanctions on Russian exports set to increase competition in an already “exceptionally tight” market, the International Energy Agency has warned.
Prices for diesel, and the relative difference to the price of crude, surged to record levels in October and are now 70 per cent and 425 per cent higher, respectively, than a year ago, according to the IEA.
“High diesel prices are fuelling inflation, adding pressure on the global economy and world oil demand,” said the Paris-based IEA.
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