Despite diesel having lower taxes—about 10 cents less per liter—its market value has jumped 26% since February. This price flip, previously seen during the Ukraine invasion, is driven by the difficulty of importing refined products from Saudi Arabia and the UAE.
“"When there is international tension, importing is harder and more expensive; diesel rises more than gasoline, which we refine here."
Local production at the Repsol refinery in Tarragona focuses on gasoline, leaving the European Union dependent on imports for 20% of its diesel consumption. Recent export cuts from China have further tightened the global supply.
