According to the Energy Information Administration, the average U.S. price of diesel ran $4.62 a gal. in the week that ended Jan. 30, up 78¢ from a year earlier. On the East Coast, diesel sold for $4.84 on average, a 98¢ annual jump.
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Meanwhile, Europe has announced a ban on Russian diesel fuel and other refined oil products--a move that will further curb its own energy dependence on Russian energy, while attempting to limit Russia’s gains from it’s energy sector. The ban allows for a 55-day grace period for diesel loaded on tankers prior to Sunday.
The move comes shortly after G7 countries announced a price cap on refined Russian oil products, which took effect on Sunday. Fuel oil and other low-value exports will be capped $45. A cap of $60 already applies to Russian crude.
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Insurers and shippers are prohibited from dealing in items covered by the cap unless they were bought below or at the designated price.
