US diesel prices have hit a new record, soaring past $6 per gallon this week
US President Donald Trump has blamed Ukrainian leader Vladimir Zelensky for the ongoing diesel price shock, saying it was a result of Kiev’s attacks on Russian refineries.
The national average price of diesel hit more than $6 per gallon on Friday, up from approximately $5.85 last week. The price has climbed some 60% compared to the same period last year, when diesel fuel cost some $3.71 per gallon. Market experts have mainly linked the hike to the conflict in the Middle East and the reignited hostilities between the US and Iran, which have prompted a renewed rise in crude oil prices.
Trump, however, insisted that this was not the case, telling reporters while on a visit to Ireland that the diesel price spike was actually related to the Russia-Ukraine conflict. The US president said he had already raised the issue with the Ukrainian leader and told him to stop attacking diesel production in Russia.
“Zelensky has to do one thing. He has to stop knocking out diesel fuel in Russia. Let him go after targets, but not diesel fuel, because he’s causing a shortage of diesel,” Trump asserted, adding that “this isn’t done by the Middle East.”
In recent months, Ukraine has repeatedly attacked oil refineries and other petroleum installations in Russia. While the strikes have caused fuel shortages and price hikes across multiple Russian regions, the attacks have primarily affected gasoline, while the diesel supply has remained largely undisrupted.
To battle the shortages, the Russian government introduced a temporary ban on exporting gasoline and diesel, as well as other petroleum products. The diesel exports ban was first introduced early this year and extended to gasoline producers in July. The diesel ban is currently in effect until the end of September, yet it is likely to be extended further.
Diesel fuel has been more expensive in the US than gasoline for decades and has previously shown tendencies to rise in price at a faster pace. It is integral to the food supply chain, since it is used to power agricultural machines as well as the cargo trucks and trains which deliver the produce. The cost of fuel accounts for between 15% and 30% of the total cost of food in the US, according to various estimates, and the ongoing hike is bound to affect consumer prices.
