Diesel prices

Diesel prices fell by a record 17p per litre last month due to declining oil prices and reduced tensions with Iran.

A Moody's Analytics economist estimated that the US-Israel war with Iran has cost the average American household $1,000, driven by higher gasoline and diesel prices. Gasoline prices peaked at $4.56 per gallon in May, while increased transport costs pushed grocery prices up by $200 per household. US inflation reached a three-year high in May.

Petroleum Minister Ali Pervaiz Malik denied claims of sectoral bias after the government maintained petrol and diesel prices at Rs299.50 and Rs311.47 per litre, citing international oil price trends. Critics, including former Sindh governor Mohammad Zubair and PTI's Haleem Adil Sheikh, accused the government of failing to pass savings to consumers despite lower global prices.

Malaysia plans to lower subsidised diesel prices next month, citing growing confidence in diplomatic efforts to ease tensions in the Middle East. Malaysian Prime Minister Anwar Ibrahim attributed this decision to Pakistani Prime Minister Shehbaz Sharif's coordination of negotiations between the United States and Iran, which he believes will stabilize energy markets.

Tesla is developing the Semi electric truck to transform freight transport by offering lower costs, longer range, and cleaner energy solutions as diesel prices increase.

Lagos waste contractors are struggling to maintain weekly collections due to rising diesel prices and operational costs, leading residents to dump trash on major roads. The failing waste system has turned roads into illegal dumpsites, worsening the city's sanitation crisis.

Petrobras reduced diesel prices as part of a federal subsidy plan. Brazil's president dismissed the company's CEO and a top deputy following prolonged disagreements.

US steel mills are facing increased costs due to rising diesel prices for shipping, despite hedging electricity costs through long-term contracts. Steel values remain stable as investors view steel stocks as a hedge against inflation amid ongoing conflicts.

India has increased diesel and gasoline prices for the third time in eight days, impacting fuel costs nationwide. A fuel station in Ahmedabad was photographed on May 15, highlighting the ongoing price adjustments.

A recent analysis reveals that only a small portion of the drop in wholesale diesel prices has been reflected at the pumps, prompting renewed demands for Chancellor Rachel Reeves to abandon a fuel tax measure. The discrepancy between wholesale and retail prices has intensified political pressure on Reeves.

US gasoline and diesel prices hit seasonal highs, reaching $4 per gallon for the first time since August 2022. The surge is attributed to escalating tensions in the Middle East, impacting global energy markets and consumer costs.

Labour should encourage workers to work from home to save fuel amid looming shortages, as suggested by a former BP boss. Average diesel and petrol prices have stabilized for the first time in over 40 days.

California truckers are struggling with record diesel prices, the highest in the country, which are forcing them to make adjustments to avoid financial losses.