Russia bans diesel exports, pushing global fuel prices higher

Russia announced a temporary ban on diesel exports until the end of the month, aiming to boost domestic supply while planning to import the fuel. The decision comes after intensified attacks on Russian refineries by Ukraine, which have created shortages and long queues at gas stations. Analysts say the ban will tighten global diesel markets; August London futures have risen about 11% to roughly $1,050 per tonne. In Spain, diesel retail prices have risen 1.5% since early July to €1.561 per litre, despite recent reductions in the special hydrocarbon tax. Similar price pressures are expected across Europe and other regions as the loss of Russian diesel supply is felt worldwide.