Used electric car leasing in the UK surged by 170% over the past year as drivers sought cheaper transport options to counter rising petrol prices driven by conflict involving Iran.
US President Donald Trump criticized major oil companies like Chevron and ExxonMobil for posting record profits while consumers face high petrol prices amid ongoing US tensions with Iran.
Australia's federal fuel excise cut ends on August 3, adding 16 cents per litre to wholesale prices, with bowser prices expected to rise to $2.20 for unleaded and $2.60 for diesel. Global oil price jumps and renewed Middle East tensions are also contributing factors.
Australia's 16-cent fuel excise discount ends Sunday, expected to push petrol prices above $2/litre and diesel above $2.40/litre. Energy Minister Chris Bowen confirmed no extension, citing it as a temporary measure. Geopolitical tensions (US-Iran conflict) are also driving up global oil prices.
UK petrol prices have reached 160p per litre, their highest point since the Iran war began, as the conflict continues to disrupt oil supplies and drive up wholesale costs. Diesel prices are also rising, with experts predicting further increases, despite a government scheme and postponed fuel duty.
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.
