RIYADH: The global surge in fuel price is starting to have negative effects on demand, according to a senior executive of the world’s biggest oil dealer. Mike Muller, who is the head of Asia at Vitol Group, recently told a Dubai-based media Gulf Intelligence that consumers are being badly affected by the price hikes of gasoline, diesel and other oil products. “There’s very clear evidence out there of economic stress being caused by the high prices, what some people refer to as demand destruction,” he said, Bloomberg reported. Prices of refined fuels have hit an all-time high in several countries including the US, contributing to a rise in inflation. The oil prices have risen as a fallout of the changing economic environment due to Russia’s invasion of Ukraine, coupled with supply-chain issues and a western ban on Russian fuel. According to the latest updates, Brent crude is priced at $111.27 a barrel, while US West Texas Intermediate is priced at $108.09 a barrel.