India's Petroleum Ministry clarified that E20 petrol is costlier to produce than pure petrol currently but has protected consumers from volatile oil prices and enhanced energy security. The ministry refuted claims of engine damage or significant mileage reduction from E20 fuel.
Average US gasoline prices increased by five cents to $3.84 per gallon, with diesel also rising, according to AAA data, amid new Middle East conflict escalation. California has the highest prices at $5.38 per gallon.
Arvind Kejriwal criticized the Centre for high fuel prices, stating petrol should cost Rs 82 instead of Rs 102 due to falling global crude oil rates. He accused the government of enabling oil companies' 'illegitimate profit' and questioned the rationale behind high prices despite the push for E20 ethanol-blended petrol.
Renewed US-Iran tensions over attacks in the Persian Gulf have caused oil prices to spike, raising concerns about future fuel costs. Tanker traffic has halted, and while gas prices have only slightly increased, a sustained conflict could lead to higher prices for consumers.
Renewed Iran-US tensions have sparked fears of rising fuel prices as oil prices hit multi-week highs. Tanker traffic through the Strait of Hormuz has reportedly stopped, increasing geopolitical risk perception. U.S. gasoline prices saw a slight increase, with further impacts expected due to crude oil's significant share in gasoline costs.
China has significantly reduced fuel prices, bringing them close to pre-war levels as crude oil costs decrease. Indian private retailer Nayara Energy has also cut its fuel rates, while state-run firms have not yet followed suit due to substantial first-quarter losses.
Union Minister Hardeep Puri stated that Indian petrol and diesel prices could be reduced if international crude oil rates remain low for several weeks. State-run oil marketing companies are currently processing higher-priced crude from the West Asia conflict, incurring significant losses, but sustained low global prices could enable future cuts. India also plans to boost its oil storage capacity.
UK motorists saw the fastest monthly drop in diesel prices in June, falling 17p a litre, according to RAC. Prices have nosedived since the US-Iran conflict ended, with further drops expected by the AA, though still higher than pre-conflict levels.
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.
Australia faces economic pressures from inflation, high interest rates, and slowing demand, increasing public expectation for government support. Businesses report negative impacts from fuel prices, delaying investments and reducing workforces. An economist argues for realistic government intervention and greater entrepreneurial spirit.
Kotak Mahindra Bank is acquiring Deutsche Bank's retail, private banking, and wealth management businesses in India. Concurrently, commercial LPG and jet fuel prices have been cut due to lower global oil rates, offering relief to businesses and airlines. Separately, Pakistan has warned India regarding the Indus Water Treaty.
Several financial and policy changes took effect in India from July 1, including cheaper commercial LPG, increased passport fees, an expanded rural employment guarantee, free Aadhaar email updates, and revised credit card benefits.
The Indian government reduced jet fuel (ATF) prices by Rs 5 per litre to Rs 110, offering relief to domestic airlines after a period of high costs. This is the first reduction since the Middle East conflict caused a surge in global oil prices.
The UAE has announced a sharp reduction in petrol and diesel prices for July 2026, effective July 1. This marks the end of a four-month price increase streak, offering relief to motorists and businesses.
Around 100 people protested fuel price hikes and a free meals scheme in Surabaya, Indonesia. Demonstrators threw rocks and set fires, leading to dozens of arrests by police.
Rugby's new Nations Championship launches with a controversial format, global venues, and a significant carbon footprint. The biennial competition pits Northern and Southern Hemisphere teams against each other, but with unusual venue choices and player availability issues, its integrity and appeal are questioned.
Global jet fuel prices have fallen significantly, but experts predict airfares will remain elevated due to airline cost recovery, market competition, and capacity adjustments. Reductions are more likely when demand eases and international routes see changes first.
UK motorists are experiencing lower fuel prices, with further reductions anticipated, following a US-Iran agreement that ended their conflict and eased energy supply disruptions. Prices are at their lowest since early March but remain above pre-conflict levels, while a planned fuel duty increase has been postponed.
South Korea lowered price ceilings on fuel products and plans to freeze electricity and gas rates in the second half of the year. Finance Minister Koo Yun-cheol announced these measures to stabilize consumer prices amidst easing external uncertainties but persistent public economic burdens.
South Korea has decided to lower maximum fuel prices for gasoline, diesel, and kerosene by 150 won per liter, effective Saturday. This move, driven by easing geopolitical tensions in the Middle East and declining global crude oil prices, aims to stabilize domestic prices and combat inflation.
S. Korea and Japan defense ministers to meet, S. Korea to lower fuel prices and freeze utility rates
South Korea will lower its cap on fuel prices to reflect falling global crude oil costs, while freezing electricity and gas rates for the second half of the year. The government aims to stabilize consumer prices and ease burdens on the public.
US President Donald Trump has ordered the Department of Justice to investigate major energy companies, including Chevron, ExxonMobil, Shell, and BP, for allegedly "gouging" drivers by not lowering fuel prices despite a significant drop in wholesale oil costs. The American Petroleum Institute disputes the claim, citing ongoing supply issues.
New South Wales Treasurer Daniel Mookhey announced a budget with a $2.3 billion deficit, featuring cost-of-living relief measures including a $50 weekly toll cap, frozen public transport fares, and reduced vehicle registration fees for one year. The budget also includes significant spending on domestic violence prevention and the NSW Police Force.
