Diesel prices are on a big upward swing, rising to historic levels over the past month and filtering through to all corners of the economy.
Natural Resources Canada says retail diesel topped $2.64 per litre on Tuesday, up roughly 60 percent from before the Iran war and about 15 percent from previous record highs in 2022.
Supply disruptions caused by the closure of the Strait of Hormuz have shrunk energy output for seven months and counting, with the critical waterway effectively closed and many crude distillation facilities slashing production.
Experts say elevated fuel costs mean higher price tags on items ranging from food and clothing to construction materials for months to come, with diesel demand poised to go up further as winter approaches….