Gasoline Prices

Iran introduced a new pricing tier on Saturday for its nationally subsidised gasoline, attempting to rein in spiralling costs for the first time since a price hike in 2019 that sparked nationwide protests and a crackdown that reportedly killed over 300 people. Cheap gasoline has been viewed for generations as a birthright in Iran, sparking mass demonstrations as far back as 1964 when a price increase forced the shah to put military vehicles on the streets to replace those of striking taxi drivers. But Iran's theocracy faces a growing squeeze from the country's rapidly depreciating rial currency and economic sanctions imposed due to Tehran's nuclear program. That has made the cost of having some of the world's cheapest gasoline at a few pennies per gallon that much more expensive. However, the government's hesitant move toward increasing prices likely signals it wants to avoid any confrontation with the nation's exhausted public after Israel launched a 12-day war on the country in ..

As Iran's runoff presidential election nears, comments by an official in the campaign of reformist Masoud Pezeshkian raised the possibility of his government increasing government-set gasoline prices a move that has sparked nationwide protests in the past. While still tentative, economists long have warned Iran needs to overhaul its system of subsidies, estimated to cost the Islamic Republic tens of billions of dollars a year. In 2019, a similar hike triggered mass demonstrations and a bloody crackdown that grew even more intense after the 2022 protests over the death of Mahsa Amini. On Saturday, Pezeshkian campaign head Ali Abdolalizadeh told journalists that his possible presidency would see price hikes for fuel and other items handled without any outcry. Don't worry, petrol at any ... price, you will see that it would be allowed with calmness and cooperation by the people, Abdolalizadeh said. Hard-liners immediately accused Pezeshkian of planning to increase fuel prices by a ..

Russia banned gasoline exports for six months from March 1 except to a Moscow-led economic union and some countries, with which it has direct inter-government agreements on fuel supplies

This time, the ban will not extend to member states of the Eurasian Economic Union, Mongolia, Uzbekistan and two Russian-backed breakaway regions of Georgia - South Ossetia and Abkhazia

Heavy rains in some growing areas and hotter-than normal temperatures last month hit output of the crop, causing a fivefold increase in prices this year

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

Refiners will be forced to cut gasoline output to safeguard themselves against losses and switch to producing more profitable fuels, traders say

Among the neighbouring countries, China (Rs 116 per litre) and Nepal (Rs 124 per litre) had a higher price.

As the crisis in Ukraine sends global fuel prices spiraling higher, governments in EU member states are scrambling for ways to reduce the economic impact their citizens are feeling

With the Fed expected to keep raising interest rates, open interest in WTI futures on the New York Mercantile Exchange fell on Thursday to its lowest since May 2016

AAA data showed that the US gasoline prices crossed $5 per gallon for the first time in history, sending mixed reactions across the globe

The nationwide average price for a gallon of gasoline has topped $5 for the first time ever

US gasoline stocks fell despite sky-high pump prices. Analysts had expected gasoline stocks to rise 1.1 million barrel but this was not the case

NEW YORK (Reuters) -Oil prices rose about 2% to a 13-week high on Wednesday as U.S. demand for gasoline has kept rising despite record pump prices, on expectations China's oil demand will rise and on supply concerns in several countries.

The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to produce as U.S. gasoline prices hit another record high. Thursday's meeting comes amid speculation that the 23-member alliance, known as OPEC+, may consider breaking from its cautious series of increases and agree to pump more oil starting in July amid fears that high energy prices could slow the global economy. Higher oil and gas prices have contributed to the inflation that is plaguing the U.S. and Europe and sapping consumer purchasing power. The group has been adding a steady 432,000 barrels per day each month, under a road map to gradually restore production cuts made during the depths of the pandemic recession in 2020. OPEC, whose de facto leader is Saudi Arabia, has thus far taken the stance that it can't supply more oil to make up for production lost due to sanctions against Russia. That, along with a European Union agreement to end most oil imports from Russia over its ...

India's gasoline and gasoil sales rose above pre-Covid levels of 2019 in the first half of March, preliminary data released on Wednesday showed

Canadians are returning to office after 2 years of pandemic restrictions, and are being confronted by record-high gasoline prices at the pumps, leaving them wondering: Why is gasoline so expensive?

With the continuing threat of Russia invading Ukraine, a foreign policy crisis is colliding with one of President Joe Biden's political vulnerabilities: Rising gasoline prices at home

The White House on Tuesday announced plans to release millions of barrels of oil from strategic reserves

The government will begin to move barrels into the market in mid- to late-December