European diesel prices hit record high of 2.23 euros per liter

arabictrader.com

Diesel prices at gas stations in European Union countries have reached a new record high of 2.23 euros per liter, up from 2.16 euros the previous week, according to an analysis by Agence France-Presse of national data published by the European Commission on Thursday. Based on this data, which has been published weekly since 2005, record prices were recorded in 19 of the 27 EU countries, including Germany, France, and Italy, driven by energy shocks resulting from the war in the Middle East and the war between Russia and Ukraine. Denmark and Finland recorded the highest prices, with the price of a liter of diesel (also known as gas oil) reaching 2.56 euros in each, followed by Germany (2.46 euros), then Belgium and France (about 2.40 euros), and Italy (about 2.30 euros). This data is issued by the European Commission's Oil Bulletin after being obtained from national authorities, and reflects price levels at gas stations at the beginning of the week or the end of the previous week. In America, the price of diesel also jumped to a record level of 6.52 dollars per gallon this week, an increase of nearly 76% compared to last year, when it was around 3.69 dollars, turning fuel costs into a growing economic and political problem weeks before the midterm elections. Fuel markets have been subjected to a series of simultaneous shocks over the past months. Energy flows through the Straits of Hormuz and Bab al-Mandab have declined, refineries in the Middle East have been damaged, while Ukraine has targeted Russian refineries, and China has imposed successive restrictions on exports of refined petroleum products, coinciding with Japan and South Korea reducing some shipments.