Germany now pays five times more for imported gas after abandoning Russian contracts due to EU sanctions, relying on a volatile international market. This shift, coupled with nuclear phaseout, has severely impacted its industrial sector and economy, with Chancellor Merz acknowledging the lack of Russian gas as the cause.
Fuel prices in India have seen a fourth hike in 11 days, with cumulative increases nearing Rs 7.5 per litre. This follows a rise in global crude oil prices due to US-Israeli strikes on Iran, impacting refining margins and import costs. States face pressure to cut VAT as prices reach highest levels since May 2022.
Petrol and diesel prices in India saw another hike of 87-91 paise per litre on Saturday, bringing the total increase in less than 10 days to nearly Rs 5 per litre. This rise is attributed to increasing international crude oil prices and a weaker rupee.
Fuel prices in India saw another hike of around 90 paise per litre on Tuesday, marking the second increase in less than a week. Despite rising global crude oil prices due to the Middle East crisis, officials state India has adequate fuel reserves.
EU fossil fuel import costs have risen by over $28 billion since the Middle East conflict began, Energy Commissioner Dan Jorgensen has said Read Full Article at RT.com
