Trump Issues Order to Lower Diesel Prices

U.S. President Donald Trump has signed an executive order aimed at reducing diesel prices in the country.

The order temporarily permits the use of so-called "red" (dyed) diesel on public roads and defers payment of the federal excise tax on it until the end of the year.

Red diesel is chemically identical to standard diesel but is exempt from excise tax and is primarily used for agricultural and construction machinery.

According to the White House, the decision aims to cut costs for freight carriers and farmers, thereby easing upward pressure on the prices of goods and food.

According to AAA data, the price of diesel in the U.S. rose to a record high of $6.53 per gallon on September 22, while the average price on Monday stood at $6.32. The Trump administration's decision is linked to the fuel market shortage, which stems, among other factors, from damage to oil refineries in the Middle East and Russia, as well as restrictions on fuel exports from China.