Diesel price surges as Middle East War continues | The Business | ABC NEWS
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The Middle East war continues to drive up the price of liquid fuels, particularly diesel that powers our industrial, transport and agricultural sectors. NSW Farmers' Grain Committee chair Adrian Roles says "it's not like we can pass on these additional costs because we sell into a global commodity market, so we're price takers as well." The price of diesel has soared since the conflict began and will accelerate because the base product - brent crude oil - is back above $US100 dollars a barrel. In addition, a global reduction in the capacity to refine diesel means the gap between the price of crude oil and what diesel costs is increasing. A specific problem is that the oil being disrupted is the most conducive to being turned into diesel but there are no plans to reduce the fuel excise. The shortage of diesel could get worse with US Senate Majority Leader John Thune sparking a discussion about a US export ban as prices in America surge too. Earlier in the war, Australia did receiv
Tags: Australia, abc, abc news, news, business news, finance news, economic news, economy, finance, the business, abc news australia, the business abc, diesel, fuel, fuel price, diesel price, middle east war, Adrian Roles, NSW Farmers' Grain Committee, brent crude oil
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