IEA: Sharp rise in global diesel prices to intensify inflationary pressures

The nearly twofold increase in diesel prices would soon intensify inflationary pressures worldwide, Oksijen quotes International Energy Agency (IEA) Executive Director Fatih Birol as saying, according to Report.

"Since the start of the US-Iran armed conflict on February 28, global energy markets have entered a fundamentally new phase. I can say that the world is going through an extremely challenging period when it comes to diesel fuel. Its price has reached such levels that, in the near term, this will inevitably intensify inflationary pressures around the world," he said.

The IEA chief also recalled that at the initial stage of the conflict in Iran, he had described the situation in energy markets as the biggest crisis.

"At present, oil prices are around $100 per barrel, which is quite a high level. However, what matters most is not so much the price of crude oil as the prices of refined petroleum products, particularly diesel fuel. This issue will soon become one of the most widely discussed topics," Birol stressed.