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.
SEOUL, May 11 (Yonhap) -- S-Oil Corp., South Korea's third-largest refiner by sa...
Rolling coverage of the latest economic and financial newsClimate campaigners attack Shell over ‘windfall’ profits from Iran warDanny Gross, climate campaigner at Friends of the Earth, says Shell’s profits are ‘indefensible’, after the company doubled its quarterly earnings to $6.9bn this morning.Gross says:“Once again, fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills.“Our fossil fuel-reliant energy system siphons money away from ordinary people to the rich and powerful.“In the twenty-first century we have cheaper, cleaner alternatives that we can use to power Britain without anybody being bombed. We don’t need to let the fossil fuel industry hold us to ransom and pass on the costs of endless wars and limitless pollution.The cost of living crisis, the climate crisis, the middle-east crisis, these are all oil industry operating costs. We need to stop subsidising them, introduce new taxes to make them pay and start taxing their obscene profits properly.”Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from trading and optimisation mainly impacting our Downstream, Renewables and Energy Solutions businesses, higher realised prices, higher refining margins, lower operating expenses and higher Lubricants margins, partly offset by lower volumes.“While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit. The same crisis that is driving these windfalls is pushing millions closer to hunger and hardship.“Governments must act now to tax these excess profits and use the money to protect vulnerable households and expand affordable, homegrown renewable energy. Continue reading...
