Topic
diesel
Commodities Benchmark Diesel Price Rises Third Week as Futures Plunge; Spread Hits Record
The DOE/EIA average weekly retail diesel price rose for a third consecutive week, gaining 17.9 cents to $5.313/gallon. Meanwhile, crude futures plummeted, with Brent settling at $88.36/b on Monday. The spread between ULSD and Brent reached a historic high above $2/gallon, driven by supply disruptions including Ukrainian drone attacks on Russian refineries and low Rhine River water levels.
Commodities Diesel Prices Surge in Largest Weekly Jump Since Iran War, Now Double Brent Crude
Diesel prices experienced their largest weekly jump since the Iran War, adding over 55 cents per gallon in two weeks, according to the latest DOE/EIA report. The surge has pushed diesel to double the price of Brent crude, highlighting severe imbalances in the global energy market. The spike threatens US industry, strains supply chains, and raises concerns ahead of hurricane season and ongoing geopolitical conflicts.
Commodities Big Jump in Benchmark Diesel Price Is Second Largest Since Iran War Began
The DOE/EIA benchmark diesel price surged 33.8 cents/gallon to $5.134/g, marking the second-largest weekly increase since the start of the Iran war. Ultra low sulfur diesel (ULSD) on CME settled at $4.119/g, nearing a $1 gain from early July. Supply disruptions from the Strait of Hormuz and potential Houthi attacks on Saudi Arabia continue to fuel bullish sentiment.
Trade India raises diesel and jet fuel export taxes as US-Iran tensions tighten oil markets
India increased taxes on diesel and jet fuel exports, citing the collapse of the US-Iran interim peace deal and global fuel market tightness. The diesel levy rose to ₹15.5 a litre from ₹8.50, while gasoline taxes were cut. The fortnightly adjustment mechanism aims to balance local availability with export profitability.
Commodities Russia, Strait of Hormuz Combine to Drive Diesel Higher After Nine-Week Decline
The benchmark diesel price rose 21.8 cents to $4.796/gallon amid escalating geopolitical risks. ULSD futures soared over 20% from a July 2 low as Russian refining capacity hit 21-year lows and Strait of Hormuz traffic slowed drastically. The spread between Brent crude and diesel widened to $1.84/gallon, one of the highest since the war began.
Regulations & Compliance EPA's Proposed Rule on Diesel Engine Derates Raises National Security Concerns
On July 9, 2026, the EPA proposed a rule that would stop new diesel engines from derating speed on emissions faults, instead giving a beep and light. The move follows EPA's admission that the current mandate causes economic hardship. The article covers the rule, related pardons, civil penalties ($45,268 per tampered vehicle), and exemptions for military vehicles.
Regulations & Compliance Presidential Pardon Ends Largest Diesel Tampering Prosecution, Exposing Emissions Compliance Gaps
President Trump pardoned 11 individuals, including diesel mechanics and tuners, who were convicted in one of the largest criminal diesel tampering cases. The pardon, signed on July 3, 2026, closed the case United States v. Diesel Freak LLC, highlighting the ongoing conflict between federal emissions standards and commercial fleet operations.
Commodities OMCs to Break Even on Petrol, Diesel in 7–10 Days as Brent Crude Falls to $72
Global crude oil prices have dropped to four-month lows, with Brent around $72/bbl, offering relief to Indian OMCs that could break even on petrol and diesel within 7–10 days. OPEC+ announced a 188,000 bpd output hike for August, the fifth consecutive monthly increase since the West Asia conflict began. State-run OMCs have absorbed over Rs 75,000 crore in losses in Q1, but lower crude prices and rising supply may enable recovery over 6–12 months.
Commodities Crude Oil Plunges to Pre-War Levels on US-Iran Ceasefire, India Fuel Price Cut in Doubt
Global crude oil prices have crashed to a four-month low, hovering around $70 per barrel amid the US-Iran ceasefire and reopening of the Strait of Hormuz. While this has sparked expectations of petrol and diesel price cuts in India, experts say a reduction is unlikely soon due to government fiscal priorities and the need for oil marketing companies to recover past losses.
Commodities Nayara Energy cuts petrol by Rs 5/litre and diesel by Rs 3/litre in first fuel price reduction in over 2 years
Nayara Energy, India's largest private fuel retailer, reduced petrol and diesel prices by Rs 5 and Rs 3 per litre respectively, marking the first retail fuel price cut in over two years. The move follows easing Middle East tensions and lower global crude prices. State-run retailers IOC, BPCL, and HPCL have not matched the cuts.
Commodities Retail diesel falls for eighth week while crack spreads surge to near-record levels
Retail diesel prices fell for the eighth consecutive week to $4.668/gal, down 97.2 cents from the May 4 peak, according to DOE/EIA data. Meanwhile, the 3:2:1 crack spread surged to near-record levels above $50/bbl, signaling a product shortage that analysts say may be temporary as crude supply from the Strait of Hormuz flows freely.
Commodities India launches 2% isobutanol-diesel trials, paving way for first diesel biofuel programme
India has initiated trials of a 2% isobutanol-diesel blend in commercial vehicles, marking the first step toward a diesel biofuel programme. The government-backed initiative involves HPCL, ARAI, Praj Industries, and automakers like Tata Motors. The move follows failed ethanol-diesel blends and leverages isobutanol's compatibility with diesel.
Commodities Benchmark Diesel Price Falls Below $5 Per Gallon for First Time Since March 9
The DOE/EIA weekly average retail diesel price fell to $4.832 per gallon, the first sub-$5 reading since March 9, marking a seventh consecutive decline totaling 80.8 cents/g. ULSD futures on the CME dropped to $3.0530/g, while Bank of America Merrill Lynch slashed its Brent crude forecast to $82/b, citing potential deficits until Q4 2026.
UK petrol and diesel prices fall after US-Iran deal, further drops expected
UK fuel prices have fallen sharply after the US and Iran reached a framework deal to end their war, sending Brent crude to around $76 a barrel. The RAC reports petrol at 154.7p and diesel at 174.3p, with further declines expected as wholesale costs drop.
Commodities India's Oil Minister Says Petrol, Diesel Rates May Ease as Cheaper Crude Arrives
Union Petroleum Minister Hardeep Singh Puri indicated that petrol and diesel prices could be reduced when lower-priced crude oil purchased recently reaches Indian refiners. Speaking in Sonbhadra, Uttar Pradesh, he noted that oil marketing companies are currently processing higher-cost crude and losing about Rs 1,000 crore per day, but the government has shielded consumers from the full impact of global volatility.
Commodities Diesel Plunges as IEA Report Offers Bullish and Bearish Signals Following U.S.-Iran Peace Deal
The International Energy Agency's monthly report provides data supporting both bullish and bearish oil price views following the U.S.-Iran peace deal. Diesel prices have fallen sharply, with DOE/EIA retail diesel at $5.059/gallon, down 15.1 cents. ULSD on CME settled at $3.1702/g, down 44.24 cents in four days. IEA estimates global supply will average 102.4 million b/d in 2026, a drop of 3.9 million b/d from 2025, while demand is set to decline 1.1 million b/d. May production plunged to 94.5 million b/d, down 13.6 million b/d from pre-war levels.
Trade Government hikes export duties on diesel and Aviation Turbine Fuel
The Indian government has increased Special Additional Excise Duty (SAED) on diesel and Aviation Turbine Fuel (ATF) exports in its latest fortnightly review, effective June 16, 2026. The export duty on diesel rose to ₹14 per litre from ₹13.05, and ATF to ₹12.05 per litre from ₹9.05. Petrol export duty remains unchanged at ₹1.05 per litre. The move aims to prioritise domestic availability amid the West Asia crisis.
Trade India hikes windfall tax on diesel and ATF exports, petrol levy unchanged
India hiked the windfall gains tax on exports of diesel and aviation turbine fuel (ATF) effective June 16, while keeping the levy on petrol unchanged. The special additional excise duty on diesel was raised to Rs 14 per litre and on ATF to Rs 12.5 per litre. The tax is revised fortnightly and aims to ensure domestic fuel availability amid West Asia tensions.
Commodities Govt Says All Refineries Operating at High Capacity with Adequate Crude Inventories and Sufficient Stocks of Petrol, Diesel
The Indian government announced that all refineries are operating at high capacity with adequate crude inventories and sufficient stocks of petrol and diesel. Joint Secretary Sujata Sharma detailed LPG delivery figures, restrictions on bulk purchases of petrol and diesel, and fertilizer stock positions. Additionally, an LNG carrier safely transited the Strait of Hormuz.
Commodities India caps diesel sales after bulk users divert 3.5 lakh tonnes to retail outlets
The Indian government capped diesel sales at retail outlets after bulk industrial and commercial users diverted 3.50 lakh tonnes to retail stations in May 2026, driven by a ₹40-42 per litre price gap. The Oil Ministry limited sales to 200 litres per person per day and reported 1,330 FIRs filed since March in LPG cases. The diversion affected 80 districts with over 30% sales shift.
Commodities India Bars Industrial Users from Buying Petrol, Diesel at Retail Pumps, Mandates Bulk Purchase
India's Ministry of Petroleum and Natural Gas issued an order barring industrial, commercial, and institutional users from purchasing petrol and diesel at retail fuel outlets, requiring them to switch to bulk sellers. The move addresses abnormal demand driven by a price gap between retail (Rs 95.20/litre for diesel in Delhi) and bulk prices (Rs 134.50/litre). Retail diesel purchases are capped at 200 litres per day. The order, effective for 90 days, aims to prevent localised shortages amid geopolitical supply disruptions.
Trade UK vows to phase out Russian diesel and jet fuel imports by new year
The UK government has committed to banning imports of diesel and jet fuel made from Russian oil by 1 January 2027, as part of its sanctions package following the war with Ukraine. The temporary licence for such imports will be reviewed every two weeks and could be revoked earlier. The move has drawn criticism from the EU and campaigners.
India restricts diesel and petrol sales at retail pumps for bulk users
India has restricted institutional and commercial customers from buying motor spirit and high-speed diesel at retail outlets, directing them to source from their own consumer pumps. The order also caps retail high-speed diesel sales at 200 litres per day per customer for up to 90 days.
Logistics Diesel Prices Drop as Spot Demand Rises Amid Contract Failures
The average diesel price has dropped to $5.21 per gallon, marking a significant decrease. Meanwhile, RXO reports a rise in spot demand as contract routing guides fail, highlighting stress in traditional freight networks.
Commodities Diesel Prices Decline Amid Inventory Concerns
Diesel prices continue to decline, with the DOE/EIA reporting a drop to $5.21/gallon. Concerns about low inventory levels and potential export bans are influencing market dynamics.
Commodities Diesel Prices Plunge Amid Geopolitical Uncertainty
Diesel prices have seen a significant drop, with the CME ULSD July contract falling to $3.4886/g. This decline is driven by geopolitical developments and potential peace talks affecting the Strait of Hormuz.
Commodities Crude Oil Price Surge: Impact on Inflation and Transport Costs
Crude oil prices on the NYMEX have surged to $112 per barrel, impacting inflation and transport costs. Crisil warns of potential increases in CPI inflation by up to 48 basis points.
Logistics Transporters Urge Fuel Price Cut Amid Crude Oil Drop
The All India Motor & Goods Transport Association (AIMGTA) has called on the Indian government to reduce petrol and diesel prices following a drop in crude oil prices to $90 per barrel. This move aims to alleviate pressure on transport operators and reduce logistics costs.
Commodities Diesel Prices Slide Amid Hormuz Strait Peace Talks
Diesel prices on the CME have dropped significantly amid potential peace talks involving the U.S., Iran, and Israel, which could lead to the reopening of the Strait of Hormuz. This decline marks the sixth drop in seven weeks.