The overdue diesel hike

Almost unnoticed, the price of a barrel of Brent crude has crept back up past $105. A few weeks ago, it had dipped below $80. Since then, it has risen with hopes about the global economy. China-watchers expect stepped-up investment in preparation for the Thirteenth Party Congress later this year; it is believed that the US Federal Reserve might be considering a third round of quantitative easing; and the chairman of the European Central Bank, Mario Draghi, said on Thursday that it would do “whatever necessary” to preserve the euro zone.

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