Fuel prices across the European Union rose sharply in July 2026, with the cost of fuels and lubricants for personal transport increasing 16.9 per cent year-on-year, according to Eurostat.
Diesel prices in the US and Europe have risen sharply amid disruptions to supplies of refined oil products, including diesel fuel. US ultra-low sulfur diesel futures surged 7.4% to settle at $4.19 per gallon on Monday, while in Europe, the diesel refining margins witnessed a 10% drop.
India will reduce export duties on petrol, diesel and aviation turbine fuel (ATF) for the fortnight beginning June 1, according to a government statement.
The UAE Fuel Price Committee has approved fuel prices for June 2026, with diesel prices recording a decline compared to the previous month, in a move that supports the stability of key sectors, particularly logistics and supply chains.
The UAE Fuel Price Committee announced May 2026 fuel prices, keeping diesel unchanged to support logistics and supply chains, while petrol saw minor adjustments reflecting global trends under a flexible, transparent monthly pricing system ensuring market stability.
Indonesia will stop importing diesel fuel starting July 1, 2026, in line with the implementation of B50, a biofuel blend consisting of 50 per cent diesel and 50 per cent crude palm oil (CPO).
Benchmark Brent oil prices jumped above $119 a barrel on Thursday after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war. Meanwhile, Middle East benchmark Dubai and Oman premiums hit all-time highs at about $65 per barrel, according to trade sources and Reuters data.
The International Energy Agency (IEA) warned on Wednesday that global diesel supplies will remain tight until 2027. It attributed the shortfall to supply disruptions caused by tensions in the Middle East and declining exports from Russia and parts of Asia.
The International Energy Agency (IEA) has urged member countries to accelerate diesel stock releases and consider additional supplies as global markets tighten. Fatih Birol, Executive Director, called for coordinated action ahead of the agency’s October 15 Governing Board meeting.
Russia has announced that it had lifted some restrictions on diesel exports, following an agreement between Russian President Vladimir Putin and US President Donald Trump to allow Russian diesel supplies to reach US and international markets.
