Daily Brief: Morocco Diesel Plummets 23% as Ukraine Gasoline Drops Sharply

Morocco's diesel price saw the largest weekly decline, falling 23.1% to $1.125 per liter. This drop comes as the country's energy ministry reported having diesel stocks for 51 days, according to Reuters, while other local reports indicate the government is monitoring price spikes and bracing for potential increases due to Middle East tensions.

Ukraine's gasoline price fell sharply by 21.8% to $1.558/L, even as the country confirmed strikes on Russian oil infrastructure per The Kyiv Independent. Malaysia and Canada also saw significant weekly declines in gasoline prices, dropping 10.9% to $0.494/L and 9.8% to $1.294/L respectively. In contrast, South Korean diesel prices rose 3.6% to $1.372/L.

Market attention remains focused on the Strait of Hormuz, with multiple reports linking regional tensions to global energy volatility. South Korea has reportedly imposed a [news reports indicate] time in 30 years, according to CNBC, as Asian governments implement measures to offset price shocks.