Donald Trump has backed a ban on US diesel exports, a move that could squeeze European buyers without guaranteeing cheaper fuel for American drivers. No document has been signed, but Republican pressure is building before November’s congressional elections, with US diesel above a record $6.50 a gallon.
Treasury Secretary Scott Bessent said the administration is studying whether a full or partial ban is workable and how it would affect refineries’ crude processing. Diesel is not scarce in America; it is dear because it is dear worldwide. Cargoes that once sailed abroad would find few extra buyers at home, inventories would swell, and full tanks would force refiners to cut runs — trimming petrol and jet fuel output too, so those prices could rise rather than fall. Import-dependent regions such as the east coast would pay more if a ban lifts global prices. Europe, short of Russian and Middle Eastern barrels, would compete harder for what remains.
European diesel rose 1% to almost $1,390 a tonne, below the $1,520 record of two weeks ago but far above the $600-650 of early this year. French President Emmanuel Macron asked European Commission President Ursula von der Leyen to examine looser quality standards for diesel and jet fuel, which he says could lift EU refinery output by up to 20%.
Saudi pipeline restarts, Brent slips
Brent fell 0.8% to about $98.5 a barrel, dipping below $98 on Tuesday afternoon, its cheapest since 8 September. Reuters, citing three sources, reported the Saudi East-West pipeline may have resumed exports from Yanbu on the Red Sea that day, with one of the first cargoes bound for China. The route bypasses the Strait of Hormuz and carried some 4 million barrels a day before the halt, about 4% of world supply, against capacity of 7 million. Full operation could take six to eight weeks.
A senior Iranian official said Tehran could open the Strait of Hormuz within seven days if Washington eases military pressure and lifts the blockade of Iranian ports. Trump confirmed talks were under way and expected a deal, while suggesting at the UN it might come only after the 3 November elections. Iran’s Fars agency denied any readiness to open the strait.
Poland’s fuel tax standoff
President Karol Nawrocki calls the excess profits tax on fuel companies, re-adopted by the Sejm, unconstitutional because it applies retroactively to profits from March 2026 to the end of March 2027. The government cites the wartime emergency and disagrees. The presidential chancellery wants a dedicated fund fed by the levy and spent only on cheaper fuel, covering lost VAT and excise revenue, with unused money carried over. Prime Minister Donald Tusk says another CPN round of tax cuts starts the moment the bill is signed; government spokesman Adam Szłapka puts the cost near PLN 1.5 billion a month. The palace answers that VAT can be cut by regulation.
Nawrocki also proposes a temporary zero rate on retail fuel sales tax, excise reductions and caps on company margins. The government warns margin caps could make imports unprofitable and leave Poland short of fuel. Wholesale diesel fell 9 groszy to PLN 7.35 a litre and 95-octane petrol 4 groszy to PLN 6.24. Under a new CPN round, pumps would show about PLN 7.95 and PLN 6.75 — roughly a zloty less.
Nasdaq record, Meta’s AI push
The Nasdaq Composite gained 0.5% on Tuesday, beating its June all-time high after more than three months in which it shed over 10% across June and July. The S&P 500 missed by a fraction. Meta Platforms did much of the work: its AI Muse runs multi-step tasks such as sending emails, booking travel and making transactions, free at the basic tier with $20 and $100 monthly subscriptions, and drew 2.8 million downloads in 12 days. Jefferies estimates a billion users by the end of 2027, with 3% paying, would mean $10.8 billion in yearly revenue. Meta is up more than 20% since the launch, adding over $200 billion in value.
Warsaw rode the same wave. WIG and WIG20 set records on Monday and again on Tuesday, gaining 0.2% and 0.09%, lifted by Pekao SA and LPP, each up about 1.5%, and Pepco, up 4.3%.
Higher alcohol excise, new health rules
The cabinet re-adopted its alcohol excise bill after a presidential veto, this time sending PLN 1.4 billion a year to the National Health Fund in 2027 and 2028. The rate on ethyl alcohol climbs from PLN 8,811 to PLN 10,109 per hectolitre of pure alcohol, about 14.7%, with beer and wine up similarly and cider and perry below 5% alcohol up roughly 26.5% from 1 January 2027.
The sugar fee moves to the start of the supply chain — producers, importers, firms bringing drinks from the EU — based on total natural and added sugars on the label, with export refunds and a six-month adjustment period. The health package caps doctors at essentially eight times the minimum wage per full-time post, currently PLN 38,400 gross, and two posts.
Źródło: WNP.PL, Fot. PAP/EPA/Ukrainian Presidential Press Service Handout
