Refining Shortage Sparks Diesel Price Surge

The global refining shortage is pushing gasoline and diesel costs sharply higher, threatening another wave of energy-driven inflation.

Record refining margins have surged due to wars in the Middle East and Ukraine disrupting refineries and fuel exports, even when crude oil remains available.

The Bank of England has warned that refined-product markets may now provide a clearer picture of household energy pressure than Brent crude alone.

European diesel futures have approached $200, while global diesel crack spreads recently reached about $108 a barrel.