Rising diesel price may jack up seaport haulage cost
Diesel prices in Germany have surged past €2 ($2.32) per litre amid escalating tensions in the Middle East, the Allgemeiner Deutscher Automobil-Club (ADAC) said on Wednesday.
ADAC, Europe’s largest automobile association, disclosed that the average cost of a litre of diesel nationwide at 7:15 am (0615 GMT) was €2.054.
Tribune Online reports that global markets have suffered significant losses in recent days following the United States-Israeli joint attack on Iran last Saturday, which has sparked a regional conflict.
Oil and gas prices have surged after Tehran restricted shipping through the Strait of Hormuz, a crucial route for global energy trade.
According to reports, one-fifth of the world’s daily oil shipments pass through the strait between Iran and Oman.
US President Donald Trump said on Tuesday that he intends to secure shipping traffic in the Strait of Hormuz with the U.S. Navy if necessary.
(NAN)