The Iran war has severely impacted global oil refining, causing diesel and gasoline prices to remain elevated. Refined product prices have surged significantly, unlike crude oil benchmarks. Disruptions have depleted fuel stockpiles, creating a substantial shortfall in global production. This situation suggests a prolonged period of energy-driven inflation for consumers and businesses. The global energy crisis impacting economies is only just beginning.
(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)
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