LONDON-(Maravi Post)-A deepening global diesel shortage is pushing some of the world’s largest oil refiners towards record profits even as soaring fuel prices threaten to increase transport costs, drive up inflation and intensify economic hardship for households and businesses.
An investigation published by The Guardian on October 14, 2026, by energy correspondent Jillian Ambrose, drawing on industry assessments and International Energy Agency warnings, reveals how refinery operators are benefiting from a widening gap between crude oil prices and the cost of refined fuels as conflict-related disruptions tighten global supplies.
The global market has lost approximately one million barrels of daily fuel supply compared with 2025 levels, following damage to refineries in the Middle East and Russia and restrictions on Chinese exports.
The resulting shortage has pushed diesel prices higher, placing pressure on industries dependent on the fuel, including agriculture, mining, manufacturing, shipping and logistics.
While consumers and businesses face rising costs, major refining companies are positioned to benefit from the scarcity.
France’s TotalEnergies reported that income from its refining and chemicals business more than quadrupled to $1.8 billion between April and June, while major US refiners Marathon Petroleum, Valero Energy and Phillips 66....
