European countries have agreed to release diesel stocks after pressure from the United States, President Donald Trump said on Friday, as governments seek to contain a sharp rise in fuel prices linked to the Iran war. "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump wrote in a post on Truth Social. Trump’s announcement came after EU governments held discussions on Friday over a French proposal for European countries to release 50 million barrels of diesel. The proposal also called for members of the International Energy Agency to release another 50 million barrels of crude oil, according to three sources familiar with the talks cited by Reuters.&nbsp;Under the proposal discussed by European governments, part of Europe’s diesel stocks would be released over a 20-day period. Two sources said the measure was intended to meet Trump’s demand for a rapid drawdown of fuel reserves. French President Emmanuel Macron also chaired a videoconference with G7 leaders on Friday afternoon to discuss the global energy situation, according to the Elysee Palace. It remained unclear whether the G7 countries had agreed to the proposed fuel release volumes.<h2>Diesel prices fall after stock release reports</h2>US diesel futures extended their losses following reports of the potential stock release. Prices were down more than 4% on Friday at $4.4491 a gallon. European benchmark diesel futures also fell, dropping by more than $100 per metric ton, according to LSEG data. The discussions come as pressure grows on European governments while Trump considers a possible ban on US diesel exports. Such a move could be aimed at lowering fuel prices in the United States ahead of the November 3 midterm elections.&nbsp;European governments face a difficult balancing act: releasing emergency fuel reserves could help bring down prices, but drawing down stocks could reduce their ability to respond to further disruptions in global supplies. The Iran war has already affected fuel flows from Gulf producers, adding to uncertainty over future supplies. France’s finance and energy ministry did not immediately respond to requests for comment. Macron spoke with Trump overnight and stressed the importance of cooperation to address rising fuel prices and maintain global supplies of refined petroleum products, the Elysee Palace said. France currently holds the rotating G7 presidency.&nbsp;Also Read: <a href="https://www.wionews.com/world/thousands-left-stranded-in-uae-after-tel-aviv-s-el-al-flights-lose-landing-clearance-1790950186392">Thousands left stranded in UAE after Tel Aviv's El Al flights lose landing clearance</a>

<h2>US pressures Europe to release emergency diesel reserves</h2>Reuters reported on Thursday that the Trump administration had urged Germany and France to draw down emergency diesel inventories or risk a potential US ban on diesel exports, citing three people familiar with the discussions. Two sources said on Friday that Washington had called on major European countries, including France and Germany, to release as much as 100 million barrels of diesel within a 20-day period. Global diesel supplies have been under pressure from multiple disruptions.&nbsp;The Iran war has affected global oil markets, while a Russian ban on exports has further tightened supplies after Ukrainian attacks damaged several Russian refineries. Chinese refiners have also suspended October fuel exports as they seek to strengthen domestic inventories, according to sources. A proposed European release of 50 million barrels would represent about 17% of the EU’s total emergency diesel and gasoil stocks, based on Eurostat data available as of May 2025. The volume would also equal roughly 3% of the bloc’s annual diesel consumption, according to Eurostat figures. Europe has historically relied heavily on diesel imports from Russia and the Middle East. In recent years, however, the United States has become an increasingly important supplier.<h2>Europe weighs fuel security against US export threat</h2>Europe relied on the United States and Saudi Arabia to meet its diesel demand during the first part of 2026, highlighting the bloc’s growing dependence on non-European supplies. "Having been caught dragging their feet on promised strategic stock releases earlier this year and now jarred by possible US ​export restrictions, European countries ⁠will likely release more diesel and possibly crude from their stocks," said Bob McNally, president of Rapidan Energy Group.&nbsp;During Friday’s discussions, EU countries considered making any agreement to release diesel stocks conditional on a US commitment not to impose a unilateral diesel export ban, according to one source. The talks come after the International Energy Agency’s 32 members agreed in March to coordinate the release of 400 million barrels from strategic oil reserves in response to the Iran war. The move was described as the largest coordinated release of strategic reserves in history. IEA Executive Director Fatih Birol said this week that member countries had already released about two-thirds of those volumes.

Europe agrees to release diesel reserves after US pressure as the Iran war disrupts fuel supplies, drives prices higher and raises energy concerns

European countries have agreed to release diesel stocks after pressure from the United States, President Donald Trump said on Friday, as governments seek to contain a sharp rise in fuel prices linked to the Iran war. "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump wrote in a post on Truth Social. Trump’s announcement came after EU governments held discussions on Friday over a French proposal for European countries to release 50 million barrels of diesel. The proposal also called for members of the International Energy Agency to release another 50 million barrels of crude oil, according to three sources familiar with the talks cited by Reuters. Under the proposal discussed by European governments, part of Europe’s diesel stocks would be released over a 20-day period. Two sources said the measure was intended to meet Trump’s demand for a rapid drawdown of fuel reserves. French President Emmanuel Macron also chaired a videoconference with G7 leaders on Friday afternoon to discuss the global energy situation, according to the Elysee Palace. It remained unclear whether the G7 countries had agreed to the proposed fuel release volumes. Diesel prices fall after stock release reports US diesel futures extended their losses following reports of the potential stock release. Prices were down more than 4% on Friday at $4.4491 a gallon. European benchmark diesel futures also fell, dropping by more than $100 per metric ton, according to LSEG data. The discussions come as pressure grows on European governments while Trump considers a possible ban on US diesel exports. Such a move could be aimed at lowering fuel prices in the United States ahead of the November 3 midterm elections. European governments face a difficult balancing act: releasing emergency fuel reserves could help bring down prices, but drawing down stocks could reduce their ability to respond to further disruptions in global supplies. The Iran war has already affected fuel flows from Gulf producers, adding to uncertainty over future supplies. France’s finance and energy ministry did not immediately respond to requests for comment. Macron spoke with Trump overnight and stressed the importance of cooperation to address rising fuel prices and maintain global supplies of refined petroleum products, the Elysee Palace said. France currently holds the rotating G7 presidency. Also Read: Thousands left stranded in UAE after Tel Aviv's El Al flights lose landing clearance

Europe agrees to release diesel stocks after US pressure as Iran war disruptions push fuel prices higher and threaten global energy supplies

'Europe has agreed to release massive amount of diesel', says Trump as fuel prices surge amid Iran war

The European Union on Friday (October 2) rejected US threats to impose a ban on diesel exports as Washington pressures European countries to tap their strategic reserves to help bring down fuel prices.&nbsp;"We fully reject any diesel ban. A ban would not be beneficial to anyone. It would undermine our trust in the United States as a reliable partner," European Commission spokeswoman Anna-Kaisa Itkonen said.&nbsp;The development comes as the United States' war in Iran has sent energy prices higher, adding pressure on President Donald Trump at home as fuel costs remain a key issue ahead of next month's midterm congressional elections.&nbsp;Brent crude crossed back above $100 per barrel and was trading at around $100.11. Meanwhile, US West Texas Intermediate crude futures rose more than 1% to around $91.97 to $92 per barrel.<h3>EU considers fuel reserve release as prices rise</h3>The 27-nation bloc was ready to work with the International Energy Agency on a possible release of fuel reserves to contain prices, Itkonen said.&nbsp;Her remarks came after crisis talks between EU member states and the European Commission as they sought to develop a unified response to the rising fuel prices.&nbsp;Reports said the Trump administration wants France and Germany in particular to use their diesel stockpiles in an effort to curb prices.&nbsp;EU trade chief Maroš Šefčovič had warned on Thursday that a US diesel export ban would have "dramatic consequences for our economic performance". He made the remarks on the sidelines of the G20 trade ministers gathering in Milwaukee.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/sir-row-over-700-including-aap-leaders-activists-detained-in-delhi-cjp-protests-at-mumbai-s-shivaji-park-1790936501641">SIR row: Over 700 including AAP leaders, activists detained near Jantar Mantar; CJP protests at Mumbai's Shivaji Park</a>&nbsp;<h3>Macron urges G7 coordination over diesel supplies</h3>Earlier on Friday, French leader Emmanuel Macron spoke to Trump and urged G7 nations to work together on the issue while also opposing any diesel export ban.&nbsp;"The president stressed that G7 countries had a common interest in acting in a coordinated way, without export restrictions," Macron's office said after his exchange with the US leader.&nbsp;Paris planned to convene a video call of G7 leaders "as soon as possible" to ensure coordination. Brussels suggested that the talks could take place as early as Friday afternoon.&nbsp;Trump had floated the possibility of banning US diesel exports on Wednesday. Diesel is used in trucks and other hauling vehicles, making the prospect a concern for the EU, which relies heavily on fossil fuel imports.&nbsp;A US official, quoted by AFP, said, "It is in Europe's best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers."

The EU rejected a US diesel export ban threat as oil prices topped $100, while Macron urged G7 unity on releasing fuel reserves to ease prices.

The European Union on Friday (October 2) rejected US threats to impose a ban on diesel exports as Washington pressures European countries to tap their strategic reserves to help bring down fuel prices. "We fully reject any diesel ban. A ban would not be beneficial to anyone. It would undermine our trust in the United States as a reliable partner," European Commission spokeswoman Anna-Kaisa Itkonen said. The development comes as the United States' war in Iran has sent energy prices higher, adding pressure on President Donald Trump at home as fuel costs remain a key issue ahead of next month's midterm congressional elections. Brent crude crossed back above $100 per barrel and was trading at around $100.11. Meanwhile, US West Texas Intermediate crude futures rose more than 1% to around $91.97 to $92 per barrel. EU considers fuel reserve release as prices rise The 27-nation bloc was ready to work with the International Energy Agency on a possible release of fuel reserves to contain prices, Itkonen said. Her remarks came after crisis talks between EU member states and the European Commission as they sought to develop a unified response to the rising fuel prices. Reports said the Trump administration wants France and Germany in particular to use their diesel stockpiles in an effort to curb prices. EU trade chief Maroš Šefčovič had warned on Thursday that a US diesel export ban would have "dramatic consequences for our economic performance". He made the remarks on the sidelines of the G20 trade ministers gathering in Milwaukee. Also Read: SIR row: Over 700 including AAP leaders, activists detained near Jantar Mantar; CJP protests at Mumbai's Shivaji Park Macron urges G7 coordination over diesel supplies Earlier on Friday, French leader Emmanuel Macron spoke to Trump and urged G7 nations to work together on the issue while also opposing any diesel export ban. "The president stressed that G7 countries had a common interest in acting in a coordinated way, without export restrictions," Macron's office said after his exchange with the US leader. Paris planned to convene a video call of G7 leaders "as soon as possible" to ensure coordination. Brussels suggested that the talks could take place as early as Friday afternoon. Trump had floated the possibility of banning US diesel exports on Wednesday. Diesel is used in trucks and other hauling vehicles, making the prospect a concern for the EU, which relies heavily on fossil fuel imports. A US official, quoted by AFP, said, "It is in Europe's best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers."

The EU rejected a US diesel export ban threat as oil prices topped $100, while Macron urged G7 unity on releasing fuel reserves to ease prices.

EU dismisses Trump’s diesel export curb threat; Macron urges G7 coordination on releasing reserves

Nigeria's fuel prices have surged to record highs, petrol now costs around 1,400 naira a litre in Lagos and Abuja, up from 1,200 naira just a month ago, with some northern stations charging as much as 1,500 naira. Middle East tensions and rising global oil prices are the culprits, even as Africa's largest refinery, Dangote, runs at full capacity. Cooking gas has jumped 25%, and diesel has hit 2,300 naira per litre, piling fresh pressure on President Tinubu's government just six months before elections.


Nigeria fuel price hike adds to Nigeria's cost-of-living pressure

The Iran crisis has reshaped global energy markets, sending crude oil prices soaring and delivering massive profits to the world's biggest oil companies. As disruptions in the Strait of Hormuz pushed oil above $126 per barrel, energy giants including Saudi Aramco, ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported record quarterly earnings.

Combined profits reached nearly $93 billion between April and June, while consumers worldwide struggled with soaring fuel and energy costs. The windfall has sparked political criticism and renewed calls for stronger taxes on excess profits and greater investment in clean energy.

Iran War Fuels Oil Profits: Energy Giants Earn $93 Billion in Just 3 Months

Cheap flights are becoming increasingly difficult to find as airlines grapple with elevated fuel costs and rising operational expenses. Higher jet fuel prices, supply constraints, and strong travel demand are keeping ticket prices elevated across many routes. Here's why airfares remain stubbornly high and what travelers can expect in the months ahead

Airfares soar as fuel costs stay high 

The Indian government has announced a major reduction in the price of 19-kg commercial LPG cylinders, offering significant relief to restaurants, hotels, caterers, and other commercial establishments. Commercial LPG cylinder prices have been reduced by more than ₹200 in major cities, including Delhi and Kolkata.

Following the latest revision, a 19-kg commercial LPG cylinder now costs approximately ₹2,728 in Delhi and ₹2,872 in Kolkata. The price cut comes into effect immediately and marks the second consecutive monthly reduction after a similar cut in July.

The reduction partially reverses the steep price hikes seen earlier this year, which were driven by rising global LPG prices and supply concerns linked to tensions in West Asia and disruptions around the Strait of Hormuz.

India Cuts Commercial LPG Cylinder Prices by Over ₹200 | Big Relief for Businesses

Hundreds of members of Pakistan's transgender (Khwaja Sira) community and their supporters gathered in Karachi to protest against soaring inflation, rising fuel prices, expensive food, and the increasing cost of living.

The demonstrators carried placards demanding urgent government action, better employment opportunities, and financial relief for vulnerable communities. Protesters said the rapid increase in the prices of essential goods, housing, and transportation has made survival increasingly difficult, especially for transgender Pakistanis who continue to face discrimination and limited access to formal employment.

Pakistan's Transgender Community Protests Rising Inflation and Cost of Living in Karachi

Global energy markets are facing renewed uncertainty as Brent crude oil prices surge above $94 per barrel amid rising US-Iran tensions. Analysts warn that crude prices could approach $100 per barrel soon, while a worst-case scenario could push Brent back toward $120 if oil flows through the Strait of Hormuz are severely disrupted.

The Strait of Hormuz remains one of the world's most important energy routes, carrying millions of barrels of oil every day. Any escalation in the Middle East could trigger a fresh oil shock, impacting fuel prices, inflation, and global economies.

Goldman warns: Brent could top $120 again | Wion News  | World Business Watch 

Global crude oil prices have eased sharply following the de-escalation of the recent west Asia conflict. The move has brought relief to fuel consumers across several major economies.


Why and when will Indian fuel prices ease: Explained 

Amid the ongoing Iran war, global aviation markets are under severe pressure as jet fuel prices surge sharply, with reports indicating increases of over 120% in affected regions. The crisis, driven by disrupted oil supply routes and geopolitical tensions, is pushing up airline operating costs and raising concerns about higher ticket prices and flight disruptions worldwide.

Iran War: Global Jet Fuel Prices Jump Over 120% Amid Crisis 

Nigeria cuts 30% of airline debts. Decision comes after airlines threatened to halt operations. Representatives of airlines, govt to meet within 48 to 72 hours.


Nigeria Cuts 30% Airline Debts Amid Sharp Rise in Jet Fuel Prices

The global oil market is on edge as Donald Trump proposes a potential blockade targeting Iranian oil flows through the Strait of Hormuz. The move could disrupt nearly 1.7 to 2 million barrels per day of Iranian exports, tightening an already constrained global supply.


Tanker Chaos Unfolds in Hormuz Corridor

What started as an energy shock is spiralling into the global food system. Fuel prices usually correct following diplomatic developments around Iran, but fertiliser markets continue to remain under stress.
The big question… are we heading toward the next food inflation cycle?

Fertiliser Spike Signals Incoming Food Inflation

Fuel prices are rising sharply across 80+ countries worldwide as the ongoing US-Iran conflict disrupts oil supplies and shipping routes through the Strait of Hormuz, one of the world’s most critical energy chokepoints. 


Global Fuel Price Surge: Fuel Prices Rise Across 80+ Countries Worldwide 

The closure of the Strait of Hormuz has thrown the maritime market into disarray.
The problem lies in how to calculate the cost of hiring an oil tanker when the trade route used to calculate benchmark prices is shut down.


Oil Tanker Market’s Key Rate Thrown Into Chaos

India is witnessing growing fuel price concerns as premium petrol prices have been hiked, even though regular petrol rates remain unchanged. The increase reflects rising global crude oil prices amid ongoing geopolitical tensions, putting pressure on oil marketing companies.


India Fuel Crisis: Regular Petrol Price Unchanged, But 'Premium Price' Hiked

U.S. retail gasoline and diesel prices are soaring as the U.S.-Israel war with Iran constrains oil and fuel exports, which could be a political test for President Donald Trump's Republican Party ahead ​of midterm elections in November.
Fuel prices jumped more than 10% this week as oil rose above $90 a barrel, its highest in years, adding pain at the ‌pump for consumers already strained by inflation. Trump on Thursday shrugged off higher gasoline prices in an interview with Reuters, opens new tab, saying "if they rise, they rise."

US-Iran War: Fuel Prices Surge in US

In 2025, crude oil fell over 20 percent to post its deepest annual loss since 2020 on surplus concerns.

A punishing supply is expected to weigh on prices this year as well.

However, fuel prices at indian pumps have remained elevated since the government cut petrol and diesel prices in march 2024.

In this next report, we dive into why fuel prices haven't come down in the country despite a significant fall in international crude.

Indians See No Change in Fuel Prices Despite Crude Plunge 

Below is a factual breakdown of how fuel level impacts efficiency, engine load, and long-term components.

Below is a factual breakdown of how fuel level impacts efficiency, engine load, and long-term components.

‘Full tank vs half tank of petrol’: Which fuel level gives better mileage?

Fuel and water are basic needs for everyone. But did you know in some countries, fuel is actually cheaper than water? This happens mainly in places where oil is plentiful or when governments keep fuel prices low through subsidies. Let’s explore 6 such countries.

Fuel and water are basic needs for everyone. But did you know in some countries, fuel is actually cheaper than water? This happens mainly in places where oil is plentiful or when governments keep fuel prices low through subsidies. Let’s explore 6 such countries.

Top 6 countries where fuel is cheaper than water

Analysts say fuel prices in India may not spike after the festive season if global crude stays low. Retail prices should remain steady unless there’s a supply shock or major policy change. Know more below.

Analysts say fuel prices in India may not spike after the festive season if global crude stays low. Retail prices should remain steady unless there’s a supply shock or major policy change. Know more below.

Will fuel prices spike post-festive season? What analysts say

In a rare development, all three key inflation indicators—the annual inflation rate, core inflation rate, and average inflation rate—have fallen to single digits, signaling a significant easing of inflationary pressures. In August 2024, Pakistan’s inflation dropped to 9.6% for the first time in 34 months. This downward trend continued into September, with the rate further decreasing to 6.9%.

Pakistan's Inflation Drops To An All-Time Low As Government Cuts Fuel Prices

Nigeria, Africa's largest oil producer, has long struggled with fuel shortages. To address this, billionaire Aliko Dangote embarked on an ambitious project: the construction of Africa's largest refinery. After years of delays, the Dangote refinery finally began producing petrol in 2024.

Nigeria: Can Dangote refinery end Nigeria's reliance on fuel imports?

State-run oil companies in India are considering a significant reduction in petrol and diesel prices next month following robust third-quarter results that are expected to surpass a combined net profit of ₹75,000 crore. <o:p></o:p>

According to a Hindustan Times report, the oil marketing companies (OMCs) have abstained from altering prices since April 2022, but with crude oil costs softening, a comprehensive pricing review is imminent. Officials suggest that the OMCs may be sitting on margins of ₹10 per litre, which could potentially be passed on to consumers. This move aims to alleviate inflation concerns and could have political ramifications ahead of the 2024 General Elections.<o:p></o:p>

The government, as the promoter and majority stakeholder in all three OMCs, might witness a change in petrol and diesel rates, hinting at a possible reduction of ₹5 to ₹10 per litre. <o:p></o:p>

Analysts project a continuation of the trend seen in the first two quarters of the financial year 2023-24 when the OMCs recorded significant profits due to higher marketing margins. The decision will be made after the release of the third-quarter results later this month, following consultations with stakeholders.<o:p></o:p>

In the first half of the financial year 2023-24, the three state-run oil companies reported a combined net profit of ₹57,091.87 crore, representing a 4,917 per cent increase compared to the entire financial year of 2022-23. <o:p></o:p>

The net profits, likely to be revealed in the upcoming results, could influence the decision to decrease fuel prices. Hindustan Petroleum Corporation Ltd (HPCL) is scheduled to announce its Q3 results on January 27, while Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) are expected to follow suit around the same time.<o:p></o:p>

Despite the government's control over public sector OMCs, the companies have the flexibility to adjust fuel prices. The OMCs, holding a monopoly with over 90 per cent market share in domestic fuel retail, also influence pricing strategies adopted by private retailers. <o:p></o:p>

The potential reduction in fuel prices is seen as a proactive measure to manage inflation, which rose marginally to a four-month high of 5.69 per cent in December 2023. Analysts expect the government to make all efforts to keep inflation below the Reserve Bank of India's upper tolerance limit of 6 per cent.<o:p></o:p>

Since April 6, 2022, OMCs have maintained a freeze on petrol and diesel rates, responding to volatility in international oil prices. However, with the government's reduction in excise duty twice, a considerable price hike was avoided during periods of surging crude purchase prices. <o:p></o:p>

The subsequent decline in average oil prices of the Indian basket, coupled with a moderation in oil prices since September 2023, has contributed to the profitability of OMCs.<o:p></o:p>

The sustained downward trend in fuel rates, attributed to lower crude oil prices, is reflected not only in petrol and diesel but also in deregulated fuel products. Experts suggest that the gradual decline in windfall taxes on diesel exports, from ₹6 a litre since September 2023 to zero, and the removal of taxes on petrol and aviation turbine fuel (ATF) contribute to the favourable environment.<o:p></o:p>

Additionally, the windfall tax on domestically produced crude oil was recently reduced to ₹1,700 per tonne due to the softening of international oil prices.<o:p></o:p>

State-run oil companies in India are considering a significant reduction in petrol and diesel prices next month following robust third-quarter results that are expected to surpass a combined net profit of ₹75,000 crore.

State-run oil companies in India are considering a significant reduction in petrol and diesel prices next month following robust third-quarter results that are expected to surpass a combined net profit of ₹75,000 crore. According to a Hindustan Times report, the oil marketing companies (OMCs) have abstained from altering prices since April 2022, but with crude oil costs softening, a comprehensive pricing review is imminent. Officials suggest that the OMCs may be sitting on margins of ₹10 per litre, which could potentially be passed on to consumers. This move aims to alleviate inflation concerns and could have political ramifications ahead of the 2024 General Elections. The government, as the promoter and majority stakeholder in all three OMCs, might witness a change in petrol and diesel rates, hinting at a possible reduction of ₹5 to ₹10 per litre. Analysts project a continuation of the trend seen in the first two quarters of the financial year 2023-24 when the OMCs recorded significant profits due to higher marketing margins. The decision will be made after the release of the third-quarter results later this month, following consultations with stakeholders. In the first half of the financial year 2023-24, the three state-run oil companies reported a combined net profit of ₹57,091.87 crore, representing a 4,917 per cent increase compared to the entire financial year of 2022-23. The net profits, likely to be revealed in the upcoming results, could influence the decision to decrease fuel prices. Hindustan Petroleum Corporation Ltd (HPCL) is scheduled to announce its Q3 results on January 27, while Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) are expected to follow suit around the same time. Despite the government's control over public sector OMCs, the companies have the flexibility to adjust fuel prices. The OMCs, holding a monopoly with over 90 per cent market share in domestic fuel retail, also influence pricing strategies adopted by private retailers. The potential reduction in fuel prices is seen as a proactive measure to manage inflation, which rose marginally to a four-month high of 5.69 per cent in December 2023. Analysts expect the government to make all efforts to keep inflation below the Reserve Bank of India's upper tolerance limit of 6 per cent. Since April 6, 2022, OMCs have maintained a freeze on petrol and diesel rates, responding to volatility in international oil prices. However, with the government's reduction in excise duty twice, a considerable price hike was avoided during periods of surging crude purchase prices. The subsequent decline in average oil prices of the Indian basket, coupled with a moderation in oil prices since September 2023, has contributed to the profitability of OMCs. The sustained downward trend in fuel rates, attributed to lower crude oil prices, is reflected not only in petrol and diesel but also in deregulated fuel products. Experts suggest that the gradual decline in windfall taxes on diesel exports, from ₹6 a litre since September 2023 to zero, and the removal of taxes on petrol and aviation turbine fuel (ATF) contribute to the favourable environment. Additionally, the windfall tax on domestically produced crude oil was recently reduced to ₹1,700 per tonne due to the softening of international oil prices.

Indian fuel prices set for potential Rs 5-10 drop next month: Report

India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry. The changes, which are set to take effect on October 18, come after previous increases in these taxes.&nbsp;

According to a Reuters report, the windfall tax on petroleum crude will be lowered from 12,100 rupees ($145) per ton to 9,050 rupees ($108) per ton. Simultaneously, the government will decrease the windfall tax on ATF from 2.50 rupees ($0.03) per litre to 1 rupee ($0.01) per litre and reduce the tax on diesel from 5 rupees ($0.06) per litre to 4 rupees ($0.04) per litre. These adjustments aim to address the economic burden on consumers facing rising fuel costs and provide some reprieve.&nbsp;

The government originally introduced windfall taxes on the sale of locally produced crude oil on July 1, 2022, in response to the significant profits garnered by oil exploration and production companies amid multi-year high crude oil prices, particularly following Russia's invasion of Ukraine, a report from Mint stated. &nbsp;

The report also mentioned that while these changes are expected to provide relief to consumers and alleviate financial pressures, it is important to note that international oil prices remain dynamic. On October 17, global oil prices saw an increase. Brent futures rose by $0.74 to reach $90.39 a barrel, while US West Texas Intermediate (WTI) crude increased by $0.69 to $87.35. The oil market's fluctuations are influenced by various global factors, including political developments.&nbsp;

In the domestic market, crude oil futures with an expiry date of October 19 were trading lower by 0.7 per cent at 7,188 rupees ($86.3) per barrel on the Multi Commodity Exchange (MCX). During the trading session, the price fluctuated between 7,132 ($85.6) and 7,528 ($90.4) rupees per barrel, compared to the previous close at 7,239 rupees per barrel. &nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry.

India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry. The changes, which are set to take effect on October 18, come after previous increases in these taxes. According to a Reuters report, the windfall tax on petroleum crude will be lowered from 12,100 rupees ($145) per ton to 9,050 rupees ($108) per ton. Simultaneously, the government will decrease the windfall tax on ATF from 2.50 rupees ($0.03) per litre to 1 rupee ($0.01) per litre and reduce the tax on diesel from 5 rupees ($0.06) per litre to 4 rupees ($0.04) per litre. These adjustments aim to address the economic burden on consumers facing rising fuel costs and provide some reprieve. The government originally introduced windfall taxes on the sale of locally produced crude oil on July 1, 2022, in response to the significant profits garnered by oil exploration and production companies amid multi-year high crude oil prices, particularly following Russia's invasion of Ukraine, a report from Mint stated. The report also mentioned that while these changes are expected to provide relief to consumers and alleviate financial pressures, it is important to note that international oil prices remain dynamic. On October 17, global oil prices saw an increase. Brent futures rose by $0.74 to reach $90.39 a barrel, while US West Texas Intermediate (WTI) crude increased by $0.69 to $87.35. The oil market's fluctuations are influenced by various global factors, including political developments. In the domestic market, crude oil futures with an expiry date of October 19 were trading lower by 0.7 per cent at 7,188 rupees ($86.3) per barrel on the Multi Commodity Exchange (MCX). During the trading session, the price fluctuated between 7,132 ($85.6) and 7,528 ($90.4) rupees per barrel, compared to the previous close at 7,239 rupees per barrel. (With inputs from Reuters) WATCH WION LIVE HERE

India slashes windfall tax on petroleum crude, ATF, and diesel 

The cash-strapped government of Pakistan is now drilling a massive hole in the pockets of its citizens by increasing prices of petrol and diesel.

The caretaker government late Friday (September 15) increased the prices of petrol and high-speed diesel (HSD) by Rs 26.02 and Rs 17.34 per litre, respectively, to over Rs 330.&nbsp;

This is the second price hike in the last two fortnights since August 15. Fuel prices have increased by a whopping 20 per cent since the caretaker government led by Prime Minister Anwaarul Haq Kakar took over.

“Owing to the increasing trend of petroleum prices in the international market, the government has decided to revise the existing consumer prices of petroleum products,” the finance ministry said in a statement.

<h2>Pakistan’s tax regime on fuel</h2>

Pakistan currently levies no Goods &amp; Services Tax (GST) on petroleum products but it charges so-called petroleum development levy (PDL) of Rs 60 per litre on petrol and Rs 50 per litre on diesel.

On top of that, the government also charges a customs duty of Rs 20 per litre on petrol and diesel.

<h2>Inflation likely to increase</h2>

Pakistan’s Dawn reported that the country was expected to be hit by massive inflation as fuel prices continue to soar in a cash-strapped economy.

Watch:&nbsp;Gravitas: Is Pakistan nearing its end?

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Since the transport sector of the South Asian nation is powered by high-speed diesel, the price hike will have a highly inflationary impact on the prices of vegetables and other eatables.

<h2>Inflation in Pakistan</h2>

In August, Pakistan continued to grapple with high inflation, registering a rate of 27.4 per cent, surpassing the target. This was attributed to the challenging reforms required by the IMF for a loan.

Following the narrowly avoided sovereign debt default in July, thanks to a USD 3 billion loan programme from the IMF, Pakistan finds itself on a challenging path to economic recovery under a caretaker administration.

<a href="https://www.wionews.com/world/pakistani-police-recover-five-children-from-sara-sharifs-grandfathers-house-635057">Also read:&nbsp;Pakistani police recover five children from Sara Sharif’s grandfather’s house</a>

The reforms associated with the bailout, including the relaxation of import restrictions and the removal of subsidies, have already contributed to a soaring annual inflation rate, reaching a historic high of 38.0 per cent in May.

Furthermore, interest rates were raised, and the Pakistani rupee depreciated significantly, dropping by 6.2 per cent last month, according to ARY News. Food inflation also remained high at 38.5 per cent in August, according to data from Pakistan's statistics department.

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The cash-strapped government of Pakistan is now drilling a massive hole in the pockets of its citizens by increasing prices of petrol and diesel. The caretaker government late Friday (September 15) increased the prices of petrol and high-speed diesel (HSD) by Rs 26.

The cash-strapped government of Pakistan is now drilling a massive hole in the pockets of its citizens by increasing prices of petrol and diesel. The caretaker government late Friday (September 15) increased the prices of petrol and high-speed diesel (HSD) by Rs 26.02 and Rs 17.34 per litre, respectively, to over Rs 330. This is the second price hike in the last two fortnights since August 15. Fuel prices have increased by a whopping 20 per cent since the caretaker government led by Prime Minister Anwaarul Haq Kakar took over. “Owing to the increasing trend of petroleum prices in the international market, the government has decided to revise the existing consumer prices of petroleum products,” the finance ministry said in a statement. Pakistan’s tax regime on fuel Pakistan currently levies no Goods & Services Tax (GST) on petroleum products but it charges so-called petroleum development levy (PDL) of Rs 60 per litre on petrol and Rs 50 per litre on diesel. On top of that, the government also charges a customs duty of Rs 20 per litre on petrol and diesel. Inflation likely to increase Pakistan’s Dawn reported that the country was expected to be hit by massive inflation as fuel prices continue to soar in a cash-strapped economy. Watch: Gravitas: Is Pakistan nearing its end? × Since the transport sector of the South Asian nation is powered by high-speed diesel, the price hike will have a highly inflationary impact on the prices of vegetables and other eatables. Inflation in Pakistan In August, Pakistan continued to grapple with high inflation, registering a rate of 27.4 per cent, surpassing the target. This was attributed to the challenging reforms required by the IMF for a loan. Following the narrowly avoided sovereign debt default in July, thanks to a USD 3 billion loan programme from the IMF, Pakistan finds itself on a challenging path to economic recovery under a caretaker administration. Also read: Pakistani police recover five children from Sara Sharif’s grandfather’s house The reforms associated with the bailout, including the relaxation of import restrictions and the removal of subsidies, have already contributed to a soaring annual inflation rate, reaching a historic high of 38.0 per cent in May. Furthermore, interest rates were raised, and the Pakistani rupee depreciated significantly, dropping by 6.2 per cent last month, according to ARY News. Food inflation also remained high at 38.5 per cent in August, according to data from Pakistan's statistics department. WATCH WION LIVE HERE ×

Cash-strapped Pakistan raises petrol prices to record high of over Rs 330 per litre

Nigeria has sworn in a new president, Bola Tinubu, but the leader has a myriad of challenges ahead of him as fuel prices nearly triple in the country.

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Fuel prices in Pakistan have sky rocketed, the spike in petrol and diesel prices came hours after a mini budget was presented in the Parliament in Pakistan. Petrol hit Rs 272/litre as the prices soar of petrol soar by Rs 22.20.

Pakistan: IMF loan may not be enough to solve crisis

The police arrested 44 people citing their involvement in violent protests against the rising fuel prices in Jordan on Saturday. The protests were held all around the country and ended up claiming the life of a senior police official, according to Jordan’s security agency.

"Forty-four people who participated in the riots in a number of regions in the kingdom have been arrested and will be brought before the courts," the Public Security Directorate said.

The official statement added that additional forces were deployed by the government in order to keep the situation in control and accused “outlaws and vandals” of causing violence.

The senior official, who was killed in the town of Al-Husseiniya, was identified as Colonel Abdul Razzaq Dalabeh. He was serving as the deputy police chief of Maan province in Jordan.

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Two other security officials were also shot but they are currently receiving treatment.

Jordan's King Abdullah II addressed the nation on&nbsp;Friday and warned that "anyone who raises a weapon against the state will be dealt with firmly". Interior Minister Mazen al-Faraya also said "the security services are working to arrest the perpetrator and bring him to justice as soon as possible".

The fuel prices have skyrocketed in the past year with small businesses facing the brunt of the resultant inflation. The fuel used by trucks and buses has also doubled in price and that is the reason why transport companies have been taking active part in the protests against the price rise.

While the authorities have already announced financial aid for the involved parties, the implementation has left a lot to be desired for the public. 
 
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The police arrested 44 people citing their involvement in violent protests against the rising fuel prices in Jordan on Saturday. The protests were held all around the country and ended up claiming the life of a senior police official, according to Jordan’s security agency.

The police arrested 44 people citing their involvement in violent protests against the rising fuel prices in Jordan on Saturday. The protests were held all around the country and ended up claiming the life of a senior police official, according to Jordan’s security agency. "Forty-four people who participated in the riots in a number of regions in the kingdom have been arrested and will be brought before the courts," the Public Security Directorate said. The official statement added that additional forces were deployed by the government in order to keep the situation in control and accused “outlaws and vandals” of causing violence. The senior official, who was killed in the town of Al-Husseiniya, was identified as Colonel Abdul Razzaq Dalabeh. He was serving as the deputy police chief of Maan province in Jordan. Also read | Twitter Files 6.0 exposes FBI's deep engagements with tech giant Two other security officials were also shot but they are currently receiving treatment. Jordan's King Abdullah II addressed the nation on Friday and warned that "anyone who raises a weapon against the state will be dealt with firmly". Interior Minister Mazen al-Faraya also said "the security services are working to arrest the perpetrator and bring him to justice as soon as possible". The fuel prices have skyrocketed in the past year with small businesses facing the brunt of the resultant inflation. The fuel used by trucks and buses has also doubled in price and that is the reason why transport companies have been taking active part in the protests against the price rise. While the authorities have already announced financial aid for the involved parties, the implementation has left a lot to be desired for the public.

Cops arrest 44 people in Jordan over protests against skyrocketing fuel prices

Lower fuel prices caused an unexpected fall in British consumer price inflation in August, offering some relief to households and the Bank of England after the CPI rate hit a 40-year high.

World Business Watch: UK inflation falls unexpectedly as fuel prices decline

The UK's inflation rate has eased slightly because of lower fuel prices in August. Prices for vehicle fuels dropped by 6.8%. However, prices generally are still continuing to rise at their nearly fastest rate in four decades.

UK consumer price inflation slows to 9.9% as fuel prices decline

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