Retail stations nationwide are reporting diesel prices that have jumped more than 80 cents in September alone. The national average topped $6.50 per gallon for the first time, reflecting a broader trend where low-sulphur gasoil trades at over $200 per barrel equivalent while Brent crude sits around $110. This decoupling indicates that the current price spike is driven by refining bottlenecks rather than the cost of crude oil.

Europe is managing a projected fourth-quarter jet fuel deficit of 510,000 barrels a day, increasing South Korean shipments to 129,000 barrels a day. Logistics costs have also spiked, with supertanker transits through the Strait of Hormuz now costing $1 million a day. These shipping delays, caused by damaged pipelines in Saudi Arabia and security threats in the Red Sea, add up to $26 per barrel in freight expenses.