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Oil firms warn of rising fuel costs despite dropping crude
The article discussed warnings from Exxon Mobil and Chevron about the continued rise in gasoline, diesel, and jet fuel prices in the coming months, despite a decline in crude oil prices. The two companies confirmed that the link between the prices of petroleum products and crude oil is beginning to weaken due to pressures on global refining capacities, nearly 10% of which are approaching shutdowns as a result of events such as the closing of the Strait of Hormuz, attacks on Russian refineries, and bans on the export of certain products by China. This has led to an increase in refining profit margins, which adds burdens on consumers and fuels inflation. It is expected that pressures on petroleum product prices—particularly diesel and jet fuel—will continue even as crude oil prices decline. Data also indicated that global refining capacities are suffering from a significant shortage, with refineries operating at maximum capacity, further supporting forecasts of rising fuel prices due to pressures on the refining market.
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