Australian households are warned of a potential Reserve Bank interest rate hike and petrol prices exceeding $2 a litre due to the escalating Middle East crisis pushing global crude oil above $US100 a barrel, impacting inflation and household budgets.
Average petrol prices in the United States have risen to $4 per gallon, driven by escalating tensions between the US and Iran in the Middle East. This increase reverses a period of easing costs and could have wider economic implications, impacting groceries and upcoming US midterm elections.
Russians are increasingly converting their cars to run on liquefied petroleum gas (LPG) due to nationwide fuel shortages, escalating petrol prices, and long queues at filling stations. These issues are exacerbated by Ukrainian drone attacks on refineries, leading to a surge in demand for LPG conversion services.
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.
Russians are increasingly converting their vehicles to run on liquefied petroleum gas (LPG) due to widespread fuel shortages, rising petrol prices, and long queues at gas stations, largely attributed to Ukrainian attacks on refineries. Demand for LPG conversion services has surged, with companies reporting significant waiting lists.
Russians are rapidly converting their cars to run on liquefied petroleum gas (LPG) due to widespread fuel shortages, escalating petrol prices, and long queues at gas stations, largely attributed to Ukrainian attacks on refineries. Demand for LPG conversion services has surged, with companies reporting extensive waiting lists.
Nayara Energy, India's largest private fuel retailer, has cut petrol by Rs 5/litre and diesel by Rs 3/litre nationwide. This move, driven by lower international crude oil prices due to easing Middle East tensions, marks the first price reduction by any fuel retailer in over two years. State-run companies kept prices unchanged.
Nayara Energy, India's largest private fuel retailer, reduced petrol by Rs 5/litre and diesel by Rs 3/litre nationwide. This is the first price cut in over two years, driven by lower international crude oil prices due to easing Middle East tensions.
Canada's annual inflation rate reached 3.2% in May, a 29-month high, driven by soaring oil prices due to US-Iran tensions. This marks the first time in over two years that inflation has exceeded the Bank of Canada's target range. Petrol prices saw a significant annual jump, contributing to overall transportation costs. While food prices also increased, analysts suggest the recent US-Iran peace deal may ease inflation in June.
Electric vehicles (EVs) are now mainstream in Australia, with record sales in May driven by falling prices, improved resale values, and the oil crisis. Chinese brands dominate the market, offering models below $30,000, while infrastructure remains the primary barrier to wider adoption.
Electric vehicles are now mainstream in Australia, with record sales in May driven by falling prices, improved resale values, and the oil crisis. Chinese brands dominate the market, offering models under $30,000, while infrastructure remains the key barrier to wider adoption.
Global stock markets are generating significant wealth for investors, with Ed Yardeni raising his S&P 500 target. US companies report strong profits driven by AI and consumer giants. However, doomsayers point to slowing global GDP growth, rising oil prices, and high debt levels as potential risks.
UK inflation remained at 2.8% in the year to May, defying expert expectations of a rise to 3%. Food price inflation slowed to a 17-month low of 2.2%, while transport costs saw the fastest annual rise since December 2022.
UK inflation remained at 2.8% in the year to May, defying expert expectations of a rise. Food price inflation slowed to a 17-month low, but transport costs saw the fastest annual rise since December 2022. Analysts suggest a US-Iran peace deal may temper future increases.
UAE petrol prices have risen for the fourth consecutive month in June 2026, with Super 98 up 60% since February. The increases reflect global energy market volatility driven by Middle East conflict and shipping disruptions, despite a drop in diesel prices.
Petrol prices in Delhi crossed Rs 100 per litre after state-owned oil companies implemented the fourth price hike in 11 days, increasing petrol by Rs 2.61 to Rs 102.12 and diesel by Rs 2.71 to Rs 95.20. Cumulative under-recoveries are now below Rs 600 crore daily.
India's state-run refiners have increased retail prices for diesel and petrol by nearly 1% for the third time in a week. This move aims to reduce processor losses and manage demand spikes, with cumulative hikes now reaching 5.5% for diesel and 5% for petrol.
Petrol and diesel prices in India saw another hike of around 90 paise per litre on Tuesday, the second increase in less than a week. This follows a previous Rs 3 per litre rise on Friday, driven by rising global crude oil prices due to the West Asia conflict.
Petrol and diesel prices increased by approximately 90 paise per litre on Tuesday, the second hike in less than a week. Prices in Delhi now stand at Rs 98.64 for petrol and Rs 91.58 for diesel.
Greenpeace, Transport and Environment, and other groups call for banning private jets and reducing UK motorway speed limits to 60mph to mitigate an impending fuel supply crisis, citing minimal inconvenience now to avoid severe shortages and price spikes later.
US consumer prices climbed sharply again last month as the 10-week war with Iran pushed energy prices higher. The Labor Department’s consumer price index rose 3.8 per cent from April 2025, according to data released on Tuesday. On a month-to-month basis, April prices rose 0.6 per cent from March as petrol prices rose 5.4 per cent during the month; the month-over-month gain was down from 0.9 per cent increase from February to March. Labor Department figures showed that petrol prices are up more...
UAE motorists will face higher fuel costs in May 2026 as petrol prices see another significant increase. This marks the third consecutive monthly hike, driven by global oil market instability and geopolitical tensions. The latest revisions mean higher expenses for daily commutes and businesses reliant on transportation.
Hong Kong authorities conducted 18 joint operations against illicit refuelling stations this year as the practice grows in urban areas. Customs chief Commissioner Chan Tsz-tat said while the trend is upward, illegal refuelling is not widespread due to high vehicle ownership costs and already expensive petrol prices in Hong Kong. The operations come amid global energy price surges following disruptions in the Strait of Hormuz after conflicts broke out in late February, with Brent crude rising from around US$70 to US$105 per barrel.
Oil prices rise again closer to $100 a barrel as strait of Hormuz remains closed; EU energy commissioner warns oil price crisis could last months or years even if there is peaceHere’s more reaction to the rise in UK inflation to 3.3%.Sharon Graham, general secretary of the Unite union, said:Today’s uptick in inflation looks like it is just the beginning. Before the war in Iran, workers were already forecast to get poorer. The outlook is now looking increasingly bleak.Workers must not pay the price yet again, for a crisis not of their making. As a minimum the government must take decisive action on soaring energy bills.Households are feeling the pain from Trump’s illegal war. Big rises in petrol prices are pushing up inflation and shockwaves from the war are putting recent improvements in growth under threat.But the Bank of England must remain focused on cutting rates as soon as possible. Coupled with Trumpflation, higher interest rates would increase the pressure on already stretched families and businesses. But lowering rates would provide vital support for economic growth, which is an important part of the Bank’s remit too. Continue reading...
