Are global fuel prices about to hit new highs?

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Written By Jennifer Joslyn

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⛽️ Are global fuel prices about to hit new highs?

The European Union’s embargo on coal and most oil originating in Russia is set to take effect on February 5th. Diesel prices have been rising consistently since Russia’s invasion of Ukraine last February, but they are likely to continue on that trajectory if the course doesn’t change. Diesel is sold globally, so the European Union may be turning to the Middle East or India to fill the void that Russia will leave. The EU has been so historically dependent on Russian diesel fuel due to its limited domestic refining capacity and neighboring Russia is a major producer of diesel fuel.

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Are global fuel prices about to hit new highs?
Are global fuel prices about to hit new highs?

The European Union’s embargo on coal and most oil originating in Russia is set to take effect on February 5th.

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Beginning on February 5th, the European Upon and its allies will be implementing the long-anticipated cap on the price of Russia’s fuel exports.

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Standing now at $5,141 per gallon, the national average price of diesel is reflecting its largest drop since the 14.5-cent decline in early August.

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Eventually, prices are passed to the consumers.

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Jennifer Joslyn
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