Diesel Prices in Europe Skyrocket to Record High

The price of diesel in Europe has reached an all-time high on the Frankfurt exchange, exceeding $1,304 per ton on August 18. This is a staggering $76 above the previous record set in 2022 and just $114 below this year's peak.

According to Jelica Putnikovic, editor of the Energija Balkana portal, the reason for the diesel price surge lies in a combination of factors, including the conflict in the Middle East, Europe's imports of refined oil products, and problems at Russian refineries.

Russian refineries damaged in the war cannot process enough crude into diesel, despite having sufficient crude oil available. Putnikovic explains that 'the problem isn't that they lack crude oil, it's that they have nowhere to refine it.'