What's causing the rise in global fuel prices?

There usually isn’t one single cause. For gasoline and diesel, prices tend to rise when the cost of crude oil increases, but supply disruptions, refining bottlenecks and local costs can all add to the increase.

What pushes prices up?

• Tighter oil supply: Production cuts, conflict, sanctions or outages can reduce available oil. Concerns about future disruptions can also lift prices before supplies are actually affected.
• Stronger demand: When travel, shipping and industrial activity pick up, buyers compete for more fuel and crude. Seasonal demand can add pressure too.
• Refining limits: Crude oil has to be processed into usable fuels. If refineries are offline or cannot produce enough gasoline or diesel, pump prices may rise even when crude prices are steadier.
• Transport and currency costs: Shipping risks and higher insurance costs can make fuel more expensive to move. Since oil is generally traded in U.S. dollars, a weaker local currency can raise import costs for many countries.

The price at the pump also includes local taxes, distribution and retailer costs. Those can explain why fuel prices differ sharply between countries, even when they buy oil on the same global market. In short, a rise usually reflects a mix of changing supply and demand, plus the costs of refining and delivering fuel.