Pump prices could remain high in Europe, adding to inflationary pressure. The immediate problem is not just the supply or price of crude oil, but limited refining capacity, disrupted trade flows and shortages of finished fuels, particularly diesel.
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Spain has joined the EU’s fuel tax relief club, but also secured exceptional permission to breach the bloc’s normal tax floor under the bloc’s energy taxation rules.
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Lines formed outside Tehran petrol stations from midnight as a daily shortfall met with panic buying, while officials denied a shortage and said prices would have to change, without clarifying when or by how much.
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Ukrainian drone campaign on Russia’s energy infrastructure has caused fuel shortages so severe that the Kremlin has admitted it. Queues in Moscow are forming for the first time, and Russia has brought back banned low-grade fuel to plug the gap, while detaining residents who complained publicly.
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