Explainer | Why is there a worldwide oil-refining crunch?2 min read . Updated: 22 Jun 2022, 11:26 AM IST
Prices were already elevated before Russia invaded Ukraine on February 24. But since mid-March, fuel costs have surged while crude prices are up only modestly. Much of the reason is a lack of adequate refining capacity to process crude into gasoline and diesel to meet high global demand.