Disruptions at refineries and in the fuel trade have pushed diesel prices up relative to crude oil. In a European Central Bank exercise, these pressures raised the forecast for liquid-fuel inflation, even though the assumptions pointed to cheaper oil. The difference between the price of refined diesel in Europe and that of Brent crude reached about three times its pre-conflict level in the Middle East, according to an analysis published by the European Central Bank on November 11. At the end of September, maritime imports into the European Union were 56% lower for diesel and 52% lower for gasoline than in the pre-conflict reference period. 1.
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