Diesel Price Hikes Could Persist for Up to Five Years

Economist Saul Eslake warns that diesel price hikes could persist for five years due to multiple factors. The spread between crude oil prices and refined fuel prices, particularly diesel, has more than tripled.

This is attributed to the isolation of refineries in the Persian Gulf region and damage to Russia's refining capacity.

Crude oil prices are near or above $US100 a barrel, while the 'crack spread', the difference between refined fuel prices and crude oil prices, remains high.