💨 Abstract

Diesel prices are surging globally due to disruptions in crude oil supplies and refining capacity caused by conflicts in the Middle East and Ukraine. The global market is short by about 10 million barrels of crude oil per day, with refineries damaged and strategic reserves depleted. Western nations' bans on Russian petroleum products and attacks on Gulf refineries have exacerbated the shortage. Diesel prices have hit record highs in the U.S. and Europe, with limited short-term solutions available.

Courtesy: AFP