Daily Brief: Brazil Gasoline Plunges 31%, Diesel Surges 27%

Brazil posted the most dramatic price divergence in today's data, with gasoline falling 31.3% to $0.726 per liter while diesel surged up to 27.6% to $1.121 per liter, according to Nexignis tracking. The gasoline decline comes as Brazil unveils fuel subsidies, per Reuters reports, while Petrobras raised [news reports indicate] an oil shock, as reported by Reuters.

In Kenya, diesel prices jumped 25.7% to $1.796 per liter, reaching record highs amid global oil supply fears, according to Business Insider Africa. The surge has sparked protests in Nairobi, per Fortune, with the BBC reporting that prices rose sharply despite tax reductions due to the Iran war. Al Jazeera notes Africa sees both winners and losers from the conflict.

Looking ahead, Brazil's role as Asia's emergency oil supplier, per OilPrice.com reports, and the ongoing Strait of Hormuz crisis affecting multiple nations will keep pressure on global fuel markets. Kenya's sustained high prices despite tax cuts suggest structural supply issues may persist.