Commodities
Gasoline Is Surging All Over World in Fresh Inflation Blow
- Refinery outages and low stockpiles combining to boost prices
- ‘Higher energy costs may push up consumer prices,’ Citi says
A customer refuels at a Shell gas station in Hercules, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The price of gasoline is starting to surge everywhere, an inflationary omen for central banks and governments the world over.
Futures just soared to a nine-month high in New York, sending shock waves through to the pump, while prices have also been rising in Asia. Markets for the motor fuel have tightened worldwide due to a combination of unexpected refinery outages plus lower-than-normal stockpiles in key storage hubs such as the US Gulf Coast and Singapore for this time of the year.