Fuel Prices Soar Across Asia as Global Energy Crunch Deepens
- Propane prices have surged to five-year high; fuel oil climbs
- Profits from making diesel returned to pre-pandemic levels
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Asian buyers are paying top dollar for a variety of fuels that can be fed into steam boilers or power turbines as they seek alternatives to increasingly pricey natural gas.
The electricity crisis is roiling energy markets from Europe to Asia, with fuels that can be used for heating or power generation such as propane, diesel and fuel oil in high demand. Goldman Sachs Group Inc. predicts the crunch will drive greater consumption of crude later this year, while China has ordered state-owned firms to secure energy supplies for winter at all costs.