Japan imported approximately 1.53 million barrels of Russian oil in May and June at an average price of $103 per barrel, primarily from the Sakhalin-2 project, which is exempt from sanctions. This occurs amidst a domestic debate on energy security and continued cooperation with Russia despite G7 policies.
Russian Deputy Prime Minister Alexander Novak stated that major vertically integrated oil companies are maintaining gas station prices at or below the inflation rate. These companies, including Rosneft and Lukoil, operate over 9,000 of Russia's 29,000 gas stations, prioritizing direct supply to consumers and independent operators. Investigations are ongoing into higher fuel costs in Crimea due to complex logistics.
Russia's domestic fuel market has partially stabilized but remains challenging due to peak summer demand and refinery maintenance, Deputy Prime Minister Alexander Novak stated. The government is considering measures like a potential ban on diesel exports to address the situation.
Despite escalating global heatwaves and scientific warnings, major oil companies are planning significant increases in fossil fuel production, prioritizing shareholder profits over climate goals. This expansion contradicts Paris Agreement targets and exacerbates the climate crisis.
State-run Indian oil companies absorbed over Rs 75,000 crore in losses in Q1 FY24. While petrol and diesel sales may reach break-even in 7-10 days if crude prices stabilize around $75/barrel, LPG sales continue to incur losses. OPEC+ production hikes aim to ease global prices.
State-run oil companies cut commercial LPG by Rs 183.5 and ATF by Rs 5/litre. Nayara Energy reduced petrol by Rs 5 and diesel by Rs 3/litre. Domestic LPG, CNG, and state-run petrol/diesel prices remain unchanged.
US Treasury Secretary Scott Bessent and former President Donald Trump have urged oil and gas companies to lower prices, with Trump demanding prices target $2.50 a gallon. Bessent cited record profits and the upcoming 250th anniversary of the US founding as reasons for companies to act.
U.S. gasoline prices fell by 49 cents a gallon last month, but President Trump, seeking to mitigate economic fallout before midterm elections, has directed the Justice Department to investigate oil companies for alleged price gouging, despite experts explaining market delays and cost factors.
Former US President Donald Trump has directed the Justice Department to investigate major oil companies, accusing them of price gouging by not lowering gasoline prices commensurate with falling crude oil costs. This comes as oil prices drop following a US-Israel bombing campaign against Iran and a new interim peace deal between the US and Iran.
Donald Trump has instructed the US Department of Justice to investigate oil companies for alleged price gouging, accusing them of not adequately lowering gas prices despite a sharp decline in crude oil costs following a US-Iran ceasefire and the reopening of the Strait of Hormuz.
US President Donald Trump orders DOJ investigation into major energy companies, alleging they are 'gouging' customers by not sufficiently lowering petrol prices after global wholesale oil price decreases.
State-run oil companies in India are set to see improved profitability due to falling crude oil prices boosting fuel marketing margins. However, rising debt and potential tax increases pose risks to long-term earnings.
Kremlin Spokesman Dmitry Peskov discussed Russia's fuel prices, stating government measures are in place and coordination with oil companies is ongoing. He also commented on Keir Starmer's resignation, noting his lack of impact on Russia-UK relations, and addressed Zelensky's threats against Belarus, calling them interference and expressing confidence in Belarus's sovereignty. Discussions on the sale of Gazprom's share in Serbia's NIS company were also mentioned.
India's state-owned oil marketing companies (OMCs) are expected to see improved profitability due to lower crude oil prices, boosting fuel marketing margins, despite concerns over rising debt and uncertain fuel tax policies, according to a JP Morgan report.
Russian oil companies are taking steps to ensure domestic fuel supply, increase production, and commission new capacities, according to the government. Special focus was placed on supplying agricultural producers during seasonal fieldwork.
Clearing the Strait of Hormuz of mines could take 40-50 days, impacting oil supplies, according to Western maritime security sources cited by Reuters. An agreement between the US and Iran, set for signing June 19, includes a 60-day ceasefire and lifting of a maritime blockade.
Russian Deputy Prime Minister Alexander Novak announced that most oil companies have signed fuel agreements to stabilize the domestic market until year-end. The deals regulate fuel volumes and retail prices, considering inflation.
India's public sector oil companies have reduced Aviation Turbine Fuel (ATF) prices for international flights by nearly 27%, while increasing commercial LPG cylinder prices by Rs 42. ATF for international airlines now costs $1,103 per kilolitre.
Public sector oil companies in India increased petrol and diesel prices by nearly 90 paise per litre on Saturday, the third hike since May 15. This move aims to partially offset losses from selling fuels below market rates amid rising global crude prices.
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.
Congress has criticized PM Narendra Modi for the third fuel price hike in 10 days, labeling him 'Mehengai Man' and accusing his government of favoring oil companies over citizens. Petrol and diesel prices increased by under Rs 1 per litre, with CNG also seeing a rise.
Petrol and diesel prices saw a third hike in under 10 days, with prices rising by up to 87 paise for petrol and 91 paise for diesel per litre. This surge is attributed to escalating global crude oil prices driven by the West Asia conflict and disruptions at the Strait of Hormuz.
Congress criticizes PM Modi's government after petrol and diesel prices increased by ~90 paise, the second hike in a week. The party labels Modi 'Inflation Man' and claims prices have risen by Rs 4 in 4 days, reaching Rs 109 for petrol and Rs 96 for diesel.
Fuel prices in India have seen a Rs 3 per litre hike for petrol and diesel, and Rs 3 per kg for CNG, driven by rising global crude oil prices due to Middle East tensions. This marks the end of a four-year stable period for fuel costs.
