The UK’s annual inflation rate in June has slowed down to 7.9 percent, largely driven by falling motor fuel prices, according to figures published on Wednesday by the Office for National Statistics (ONS). The drop, bigger than some forecasts, left economists wondering whether the Bank of England (BoE) would go easier on its next interest rate hike,…
Falling Petrol and Diesel Prices Drove Inflation Down to 7.9 Percent: ONS
Fuel Campaigner and Lobbyist Says Ban on Petrol and Diesel Cars ‘Doesn’t Make Sense’
A lobbyist and campaigner for motorists claimed the ban on the sale of new petrol and diesel cars in the UK in 2030 will cost five times more than any environmental benefits. Howard Cox, CEO of FairFuelUK, said: “There will be about £75 billion worth of benefits in environmental jobs and all those sorts of things,…
Cost of Diesel Stubbornly High as War Ratchets up Price
Russia’s invasion of Ukraine is partly to blame for inflated diesel prices, which have soared beyond the cost of regular petrol. The price of diesel remained significantly higher than petrol in the December quarter of 2022, with supplies reduced from Russia and France because of refinery strikes. The consumer watchdog found that diesel prices were…
UK Electric Vehicle Charging Points ‘Not Keeping Pace’ With 2030 Target, UK MPs Told
February 22, 2023
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Business & Marketscharging infrastructuredieselElectric carsElectric VehiclesenergyEV charging stationsnet zeropetrolUKUK GovernmentWorld
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MPs from all parts of Britain have called on the government to “step up” and increase the number of rapid electric charging points if they are to meet the demand expected over the next seven years. In 2020, Boris Johnson announced plans to phase out the sale of all new petrol and diesel cars and vans by…
Mercedez-Benz Faces Over 300,000 UK Claims Over Diesel Emissions
LONDON—Mercedes-Benz faces more than 300,000 claims at London’s High Court from the owners of diesel vehicles that were allegedly equipped with “defeat devices” to cheat emissions tests. The German carmaker is said to have misled customers about certain diesel vehicles’ compliance with nitrogen oxide (NOx) emissions standards. Mercedes-Benz denies that any defeat devices, which can…
Europe Bans Russian Diesel, Other Oil Products Over Ukraine
FRANKFURT, Germany—Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The ban comes along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing…
Global Oil Markets Facing Uncertainties With EU Moving Away From Crucial Russian Diesel Supplies
January 23, 2023
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Business & Marketsdieseleconomic policieseconomyenergyEuropeEuropean UnioninflationOiloil marketsRussiaWorld
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Oil markets are bracing for a new period of supply tensions as the European Union is set to cut off ties with its largest external diesel supplier when sanctions against Russian-refined fuel imports come into effect in February. Diesel supplies are already running tight, leading to pump prices being higher than gasoline in many regions….
Truckers Group Expects Increased Diesel Production, Sustained Elevated Price
While diesel fuel production is expected to increase, there isn’t much hope the price will decrease. The price of regular gas ahead of the Thanksgiving holiday travel season has come down. The average in Illinois is $3.97 a gallon, higher than the national average of $3.63. Illinois’ average is down from last month’s $4.24 average,…
IEA Warns of Diesel Demand Destruction Amid Soaring Prices
November 15, 2022
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Business & Marketsdieseldiesel crisisdiesel demanddiesel pricesdiesel shortageeconomyenergyinflationMarketsUS
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The International Energy Agency (IEA) has warned about a potential destruction of demand in the global diesel markets in its latest Oil Market Report. High diesel prices are fueling inflation and adding pressure on the global economy, according to the November report. The market was already in a deficit before Russia’s invasion of Ukraine began…
‘Demonization of Fossil Fuels’ Is Driving Diesel Shortage Crisis, Supplier Says
November 6, 2022
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Biden administraitonBusiness & MarketsDemocratsdieseleconomic policieseconomyenergyenergy shortageExecutive BranchPolicies & ImpactsPoliticsUSUS News
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The Biden administration’s attacks on the energy industry is a main driver behind the impending diesel crisis in the United States, a major supplier has said. The Democrat’s “demonization of fossil fuels” and energy policies that are being marketed as being “green” are behind the nationwide diesel and heating oil shortages, Mike Taylor of Combined Energy Services…
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