The global energy market is entering a period of turbulence: diesel prices are soaring, and price differentials between countries are reaching record levels. Ukraine is already outpacing Europe’s largest economies in terms of growth. Find out why fuel is hitting people’s wallets hardest right now and what to expect next
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The global fuel market is experiencing a major shock against the backdrop of geopolitical tensions surrounding Iran. The latest data from analysts at Global Petrol Prices indicates a sharp rise in the cost of diesel fuel in many regions. However, the trend of price increases is extremely uneven: whilst exporting countries are holding prices back, importers are seeing record figures on petrol station displays.
Global diesel prices continue to rise
The main catalyst for the global price hike has been the risk of disruptions to oil supplies due to geopolitical tensions in the Middle East. Experts note that the conflict surrounding Iran has triggered a chain reaction in the energy market. As expected, the cost of international logistics has risen in tandem with oil prices. The situation is exacerbated by the heavy reliance of many countries on imported refined fuel, meaning local markets react almost instantly to any external shocks.
Read also: Oil prices have soared: how this will affect fuel in Ukraine
How much has diesel fuel risen in price in Ukraine compared to Europe
The situation on the Ukrainian market generally follows the global trend, though the rate of increase has been quite significant compared to neighbouring countries on the continent. The cost of diesel in Ukraine has risen by 33.9%. With this figure, the country has outpaced key European economies. By comparison, the increase in Germany was 30.9%, in France 27.8%, and in the UK prices rose by 18%. Among Western countries, only Canada exceeded Ukraine’s figures, with an increase of 36.9%.
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Global fuel price ranking
Asian markets proved to be the most sensitive to supply disruptions, recording the most dramatic increases. The Philippines topped the global anti-ranking, with diesel prices soaring by 81.6% in one go. Nigeria took second place with a figure of 78.3%, followed at a considerable distance by Malaysia (57.9%) and Australia (52.1%). Drivers in Vietnam, Singapore and the US also experienced a significant jump of over forty per cent.
At the same time, countries in the Middle East and some Asian giants were virtually unaffected by the fuel crisis. In Qatar and the UAE, the increase was a modest 7.9%; in Japan and South Korea, prices rose by 14–15%; and in India and Saudi Arabia, the cost of diesel remained unchanged.
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We remind you! The global oil market is in turmoil due to the situation in the Middle East, leading to a sharp rise in fuel prices at Ukrainian petrol stations. To protect drivers from price shocks, the government is launching a partial compensation scheme. Find out how the fuel cashback will work and how much you can save.
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