Published • loading... • Updated
Diesel hits new record high for a second day in a row
Higher shipping costs are already prompting fuel surcharges from Amazon, UPS and other carriers as diesel strains freight and food prices.
- On Friday, the U.S. average price for diesel climbed to a record $5.85 a gallon as the six-month war with Iran disrupts global fuel flows.
- Brent crude, the global benchmark, traded above $95 a barrel on Friday after supply disruptions in the Middle East, including tanker backups in the Strait of Hormuz.
- The Independent Grocers Alliance estimates fuel accounts for 15 percent to 30 percent of food costs, though professor David Ortega of Michigan State University noted freight contracts initially absorb some price increases.
- Freight companies including UPS, FedEx, and the United States Postal Service added fees on packages as rising costs ripple through the economy, with Amazon implementing a 3.5 percent fuel surcharge on some sellers in April.
- Neil Atkinson of the National Center for Energy Analytics warned diesel is getting costlier as physical stocks shrink, while Global Petrol Prices data show diesel in Nigeria up 90 percent since late February, with Indonesia near 87 percent.
Insights by Ground AI
22 Articles
22 Articles
Unless the government changes the pricing formula, drivers are likely to see a 14 cent increase in diesel prices on Tuesday, hitting a new record high, while the price of 95-octane gasoline could rise by about five cents. Heating oil is also expected to rise significantly.
·Ljubljana, Slovenia
Read Full Article
Despite the volatility in oil prices in the international market over the past few months, the prices of petrol and diesel in the domestic market have remained relatively stable.
·India
Read Full ArticleCoverage Details
Total News Sources22
Leaning Left1Leaning Right1Center13Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
C 87%
Factuality
To view factuality data please Upgrade to Premium
