In January 2024, the UK government implemented the zero emission vehicle mandate, requiring 22% of all new car sales to be electric. The goal was to reach 80% by 2030. But EV sales in 2024 paint a different reality.

UK’s EV ambitions clash with consumer reality

Get ready for a new year bonanza. With the general elections due in the first half of 2024, Prime Minister Narendra Modi’s government is working on huge cuts – upwards of Rs 8 per litre -- in the retail prices of petrol and diesel that would be announced before the calendar year ends.

India: Massive cut in fuel prices to be announced?

Get ready for a New Year bonanza. With the general elections due in the first half of 2024, Prime Minister Narendra Modi’s government is working on huge cuts – upwards of Rs 8 per litre -- in the retail prices of petrol and diesel that would be announced before the calendar year ends.

According to sources, the Petroleum Ministry has prepared a proposal incorporating the cuts ranging from Rs 8 to Rs 10 per litre in both fuels for the Prime Minister’s approval which could come on Thursday.

The rationale for the ministry’s proposal for the huge reductions is the sharp drop in the purchase price of imported crude oil that goes into refineries to produce these two fuels, among others.

Crude oil price&nbsp;during financial 2023-24 (April-March) so far was at an average of $77.14 per barrel with only two months -- September at $93.54 and October at $90.08 – witnessing a spike. The average crude oil price in 2022-23 was $93.15 a barrel.

With ex-refinery prices of the two fuels unchanged since 6 April 2022, the current fiscal’s low crude oil prices have yielded large profits for the three government-run oil marketing companies -- Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL). In the first six months of this fiscal year, IOC, BPCL and HPCL made a combined net profit of Rs 58,198 crore.

<a href="https://www.wionews.com/business-economy/global-oil-demand-faces-sharp-slowdown-as-economic-woes-bite-iea-warns-669940">Also read |&nbsp;Global oil demand faces sharp slowdown as economic woes bite, IEA warns</a>

For the losses in the last fiscal 2022-23 due to $90-plus crude prices, the Union Budget for 2023-24 announced a support of Rs 30,000 crore for the three government-run oil marketing companies as equity infusion under the guise of funding their green carbon initiatives but the money was not devolved due to this fiscal year’s bounty.

Sources said that the price cuts could also be a clarion call from the ruling party of its intention to announce the elections early to ride on the landslide victories in three of the four big states. It would surely help quell the Opposition’s agenda to project inflation as the government’s biggest failure, they added.

On May 22, 2022, the central government reduced the central excise duty on petrol and diesel by Rs 8 and Rs 6 per litre, respectively, to bring down inflation as the two automotive fuels impact the Wholesale Price Index (WPI) with respective weightage of 1.60 per cent and 3.10 per cent in the WPI.

Get ready for a New Year bonanza. With the general elections due in the first half of 2024, Prime Minister Narendra Modi’s government is working on huge cuts – upwards of Rs 8 per litre -- in the retail prices of petrol and diesel that would be announced before the calendar year ends.

Get ready for a New Year bonanza. With the general elections due in the first half of 2024, Prime Minister Narendra Modi’s government is working on huge cuts – upwards of Rs 8 per litre -- in the retail prices of petrol and diesel that would be announced before the calendar year ends. According to sources, the Petroleum Ministry has prepared a proposal incorporating the cuts ranging from Rs 8 to Rs 10 per litre in both fuels for the Prime Minister’s approval which could come on Thursday. The rationale for the ministry’s proposal for the huge reductions is the sharp drop in the purchase price of imported crude oil that goes into refineries to produce these two fuels, among others. Crude oil price during financial 2023-24 (April-March) so far was at an average of $77.14 per barrel with only two months -- September at $93.54 and October at $90.08 – witnessing a spike. The average crude oil price in 2022-23 was $93.15 a barrel. With ex-refinery prices of the two fuels unchanged since 6 April 2022, the current fiscal’s low crude oil prices have yielded large profits for the three government-run oil marketing companies -- Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL). In the first six months of this fiscal year, IOC, BPCL and HPCL made a combined net profit of Rs 58,198 crore. Also read | Global oil demand faces sharp slowdown as economic woes bite, IEA warns For the losses in the last fiscal 2022-23 due to $90-plus crude prices, the Union Budget for 2023-24 announced a support of Rs 30,000 crore for the three government-run oil marketing companies as equity infusion under the guise of funding their green carbon initiatives but the money was not devolved due to this fiscal year’s bounty. Sources said that the price cuts could also be a clarion call from the ruling party of its intention to announce the elections early to ride on the landslide victories in three of the four big states. It would surely help quell the Opposition’s agenda to project inflation as the government’s biggest failure, they added. On May 22, 2022, the central government reduced the central excise duty on petrol and diesel by Rs 8 and Rs 6 per litre, respectively, to bring down inflation as the two automotive fuels impact the Wholesale Price Index (WPI) with respective weightage of 1.60 per cent and 3.10 per cent in the WPI.

Exclusive: Indian PM to announce massive cuts in petrol, diesel prices before year end

Russia has finally lifted restrictions on petrol exports. This comes after Russia scrapped most restrictions on exports of diesel last month.

Russia lifts petrol export curbs

UK Prime Minister Rishi Sunak recently made adjustments to Britain's plans to combat climate change. In a notable change, he announced a decision to delay the ban on sales of new petrol cars.

Sunak faces backlash over dropping some key net zero targets

Basic items such as rice, potato, eggs, onion, LPG cylinders, and petrol have skyrocketed suddenly in the northeastern state of Manipur. Several daily commodities are being sold well above the government-set prices because of the ethnic violence in Manipur over the past three weeks.

Basic items such as rice, potato, eggs, onion, LPG cylinders, and petrol have skyrocketed suddenly in the northeastern state of Manipur. Several daily commodities are being sold well above the government-set prices because of the ethnic violence in Manipur over the past three weeks. The sharp rise in rates of essential items has been affected due to Manipur's dependence on imports. The products are being sold at double the usual prices, creating a problem for the citizens. Manglembi Chanam, a government school teacher in Imphal West district, told PTI, "Earlier, one 50 kg bag of superfine rice costs ₹900 but now it has gone up to ₹1,800." The price of potatoes and onions has also increased by ₹20 to ₹30. She added, "In general, prices for all the essential commodities brought from outside have gone up." Petrol prices in many parts of Imphal West district are ₹170 per litre. According to Chanam, the rates of LPG cylinders in the black market have surged up to ₹1800. "Prices of eggs have increased as well, with one crate containing 30 eggs costing ₹300 instead of the usual ₹180. Were it not for the security forces escorting trucks carrying essential commodities, the price rise would have been more. Even potatoes had reached ₹100 per kilo before security forces came into the scene," Chanam said. Areas which have not been affected by the violence have also seen a significant rise in the prices of essential items. Let's dive deeper into the reasons behind the ethnic violence in Manipur leading to the rise in prices of essential commodities. Why are the prices of LPG cylinders, petrol and other items skyrocketing in Manipur? The decade-long intercommunal tensions over land between the Meiteis and Pangals have once again become a cause of disruption in Manipur. Amid the clashes, roadblocks interrupted the movement of trucks towards the Imphal Valley. The clashes resulted after a Tribal Solidarity March organised in protest against the Meitei community's demand for Scheduled Tribe (ST) status. According to a consumer affairs department official, it is prohibited to sell products at higher than the government-set prices. The state has issued a list of revised wholesale and retail prices of around 18 food items days after the violence erupted. Furthermore, a defence official stated that the security forces remain committed to restoring complete normalcy in the state. (With inputs from agencies) WATCH WION LIVE HERE

LPG at ₹1800, petrol at ₹170: Know why the prices of essential commodities have surged suddenly in Manipur

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.

Financial crisis deepens in Pakistan: Cost of Petrol, Diesel hiked

Pakistan has hiked the price of petroleum products including petrol and diesel. This came after the Pakistani Rupees saw devaluation last week along with the rise in global price of crude.

Pakistan: Prices of petrol and diesel hiked by 35 Pakistani rupee

French Prime Minister Elisabeth Borne said on Sunday (October 16) that petrol supplies at French service stations fell further over the weekend as a result of weeks-long strike at oil major TotalEnergies. The French government is facing mounting pressure due to social unrest caused by high inflation. On Sunday, thousands protested against soaring prices. Several trade unions have called for a general strike.

"We're at about 30% of the stations that have a supply problem on at least one of the fuels," Borne said in an interview on French TV channel TF1.

According to data from energy ministry, 27.3 per cent of French petrol stations had supply problems. &nbsp;

Under the requisitioning plan, some workers are ordered to go back to work to guarantee the resumption of minimum services.

"If there are very tense situations tomorrow... we will also carry out requisitioning," Borne said.

"There is a wage agreement that has been signed by organisations representing the majority of employees (at TotalEnergies)," Borne said.

"(Workers) have to go back to work."

Borne said the general discount on fuel prices at service stations that it introduced in response to the surge in global oil prices would be extended to mid-November.

The discount of 30 cents per litre was previously due to be reduced to 10 cents on Nov. 1.

Also Read | <a href="https://www.wionews.com/world/paris-thousands-take-to-streets-to-protest-soaring-prices-525950">Paris: Thousands take to streets to protest soaring prices</a>

The prime minister added she had talked with TotalEnergies CEO Patrick Pouyanne and that he had agreed to extend the company's additional discount of 20 cents per litre.

(With inputs from agencies)

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French Prime Minister Elisabeth Borne said on Sunday (October 16) that petrol supplies at French service stations fell further over the weekend as a result of weeks-long strike at oil major TotalEnergies.

French Prime Minister Elisabeth Borne said on Sunday (October 16) that petrol supplies at French service stations fell further over the weekend as a result of weeks-long strike at oil major TotalEnergies. The French government is facing mounting pressure due to social unrest caused by high inflation. On Sunday, thousands protested against soaring prices. Several trade unions have called for a general strike. "We're at about 30% of the stations that have a supply problem on at least one of the fuels," Borne said in an interview on French TV channel TF1. According to data from energy ministry, 27.3 per cent of French petrol stations had supply problems. Under the requisitioning plan, some workers are ordered to go back to work to guarantee the resumption of minimum services. "If there are very tense situations tomorrow... we will also carry out requisitioning," Borne said. "There is a wage agreement that has been signed by organisations representing the majority of employees (at TotalEnergies)," Borne said. "(Workers) have to go back to work." Borne said the general discount on fuel prices at service stations that it introduced in response to the surge in global oil prices would be extended to mid-November. The discount of 30 cents per litre was previously due to be reduced to 10 cents on Nov. 1. Also Read | Paris: Thousands take to streets to protest soaring prices The prime minister added she had talked with TotalEnergies CEO Patrick Pouyanne and that he had agreed to extend the company's additional discount of 20 cents per litre. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

France: Refinery strike has hit petrol supplies further, says PM

Union minister Nitin Gadkari has expressed confidence that green fuel will end the need for the use of petrol in vehicles in the country after five years.

He made the statement in Maharashtra's Akola on Thursday, where he was conferred an honorary degree of Doctor of Science by Dr. Panjabrao Deshmukh Krishi Vidyapeeth. The degree was awarded to him by the Governor and Chancellor of public universities Bhagat Singh Koshyari. Former Vice-Chancellor Dr. Motilal Madan, VC Dr. Vilas Bhale, professors,&nbsp;faculty deans, teachers, registrar, and graduating students were also present.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/new-law-on-cards-rs-500-reward-for-sharing-picture-of-wrongly-parked-vehicle-soon-says-indian-minister-488993">‘New law’ on cards: Rs 500 reward for sharing picture of wrongly parked vehicle soon, says Indian Minister</a>

During his speech, the Union Minister for Road Transport and Highways made a strong pitch for the use of green hydrogen, ethanol, and other green fuels.&nbsp;

Green hydrogen can be sold for Rs 70 per kg and can be made from deep well water.

Watch |&nbsp;Vivo under scanner in India: Probe into alleged money laundering

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"With full faith, I want to say that petrol will vanish from the country after five years. Your cars and scooters will either be on green hydrogen, ethanol flex-fuel, CNG, or LNG," he said.

Chattisgarh government has also recently&nbsp;approved its EV Policy for 2022 and electric vehicles can be manufactured in the state.

All these goals if achieved will not only cut the spending on driving vehicles but also help protecting the environment, which is one of the most important needs.&nbsp;

Gadkari also appealed to agriculture researchers and experts to work on increasing agricultural growth from 12 per cent to 20 per cent in the next five years.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-builds-75-km-highway-in-just-5-days-breaks-qatars-world-record-486176">India builds 75-km highway in just 5 days, breaks Qatar's world record</a>

The farmers in Maharashtra are very talented, he said while emphasizing the need to guide and train them with new research and technology.

He also talked about the need for farmers to become energy providers as well and not just food providers. He also said that farmers cannot change their futures by merely planting crops, but should also learn other useful techniques as well, which would not only help them earn but also in their existing agricultural work.&nbsp;

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Union minister Nitin Gadkari has expressed confidence that green fuel will end the need for the use of petrol in vehicles in the country after five years. He made the statement in Maharashtra's Akola on Thursday, where he was conferred an honorary degree of Doctor of Science by Dr.

Union minister Nitin Gadkari has expressed confidence that green fuel will end the need for the use of petrol in vehicles in the country after five years. He made the statement in Maharashtra's Akola on Thursday, where he was conferred an honorary degree of Doctor of Science by Dr. Panjabrao Deshmukh Krishi Vidyapeeth. The degree was awarded to him by the Governor and Chancellor of public universities Bhagat Singh Koshyari. Former Vice-Chancellor Dr. Motilal Madan, VC Dr. Vilas Bhale, professors, faculty deans, teachers, registrar, and graduating students were also present. Also read | ‘New law’ on cards: Rs 500 reward for sharing picture of wrongly parked vehicle soon, says Indian Minister During his speech, the Union Minister for Road Transport and Highways made a strong pitch for the use of green hydrogen, ethanol, and other green fuels. Green hydrogen can be sold for Rs 70 per kg and can be made from deep well water. Watch | Vivo under scanner in India: Probe into alleged money laundering "With full faith, I want to say that petrol will vanish from the country after five years. Your cars and scooters will either be on green hydrogen, ethanol flex-fuel, CNG, or LNG," he said. Chattisgarh government has also recently approved its EV Policy for 2022 and electric vehicles can be manufactured in the state. All these goals if achieved will not only cut the spending on driving vehicles but also help protecting the environment, which is one of the most important needs. Gadkari also appealed to agriculture researchers and experts to work on increasing agricultural growth from 12 per cent to 20 per cent in the next five years. Also read | India builds 75-km highway in just 5 days, breaks Qatar's world record The farmers in Maharashtra are very talented, he said while emphasizing the need to guide and train them with new research and technology. He also talked about the need for farmers to become energy providers as well and not just food providers. He also said that farmers cannot change their futures by merely planting crops, but should also learn other useful techniques as well, which would not only help them earn but also in their existing agricultural work. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian Union Minister says Petrol will be banned in India after five years

As the Sri Lankan economy further dips into crisis with shortages of everything from medicines to gas, people are returning to cooking with firewood. Sri Lanka used to be a middle-income country, with GDP per head comparable to the Philippines and living standards the envy of neighbouring India. But with economic mismanagement and the crucial tourism industry hammered by Covid, the nation has run out of dollars needed to pay for most imports. And the pain will likely continue for some time, with Prime Minister Ranil Wickremesinghe in parliament on Tuesday saying, "We will have to face difficulties in 2023 as well. This is the truth. This is the reality."

The switch began at the beginning of the year when more than 1,000 kitchens exploded across the country, killing at least seven people and injuring hundreds more. The reason was suppliers looking to cut costs and increase the proportion of propane, which raised the pressure to dangerous levels. But now, along with much else in the country of 22 million people, gas is either unavailable or too expensive for most, as reported by AFP.

Some tried to shift to kerosene oil cookers, but the government did not have dollars to import them along with petrol and diesel, which are also in short supply. And those who bought electric cookers were in for a rude shock when the government imposed lengthy power blackouts as it ran out of dollars to import fuel for generators.

Also Read:&nbsp;<a href="https://www.wionews.com/opinions-blogs/udaipur-terror-attack-how-my-hometown-turned-into-a-curfew-zone-494414">Udaipur terror attack: How my hometown turned into a curfew zone &nbsp;</a>

Niluka Hapuarachchi, 41, was miraculously unharmed when her gas range exploded soon after cooking Sunday lunch in August. "Fortunately, no one was there at the time. There were pieces of glass all over the floor. The glass-top stove had exploded. I will never use gas for cooking. It is not safe. We are now on firewood," she said, despite moves to address the propane problem.

Roadside eatery owner M.G. Karunawathi, 67, also switched to wood and said it was a choice between closing her business or putting up with smoke and soot. "We suffer (smoke inhalation) when cooking with firewood, but we have no choice," Karunawathi told AFP. "It is also difficult to find firewood and it is also becoming very expensive."

(with inputs from agencies)

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As the Sri Lankan economy further dips into crisis with shortages of everything from medicines to gas, people are returning to cooking with firewood. Sri Lanka used to be a middle-income country, with GDP per head comparable to the Philippines and living standards the envy of neighbouring India.

As the Sri Lankan economy further dips into crisis with shortages of everything from medicines to gas, people are returning to cooking with firewood. Sri Lanka used to be a middle-income country, with GDP per head comparable to the Philippines and living standards the envy of neighbouring India. But with economic mismanagement and the crucial tourism industry hammered by Covid, the nation has run out of dollars needed to pay for most imports. And the pain will likely continue for some time, with Prime Minister Ranil Wickremesinghe in parliament on Tuesday saying, "We will have to face difficulties in 2023 as well. This is the truth. This is the reality." The switch began at the beginning of the year when more than 1,000 kitchens exploded across the country, killing at least seven people and injuring hundreds more. The reason was suppliers looking to cut costs and increase the proportion of propane, which raised the pressure to dangerous levels. But now, along with much else in the country of 22 million people, gas is either unavailable or too expensive for most, as reported by AFP. Some tried to shift to kerosene oil cookers, but the government did not have dollars to import them along with petrol and diesel, which are also in short supply. And those who bought electric cookers were in for a rude shock when the government imposed lengthy power blackouts as it ran out of dollars to import fuel for generators. Also Read: Udaipur terror attack: How my hometown turned into a curfew zone Niluka Hapuarachchi, 41, was miraculously unharmed when her gas range exploded soon after cooking Sunday lunch in August. "Fortunately, no one was there at the time. There were pieces of glass all over the floor. The glass-top stove had exploded. I will never use gas for cooking. It is not safe. We are now on firewood," she said, despite moves to address the propane problem. Roadside eatery owner M.G. Karunawathi, 67, also switched to wood and said it was a choice between closing her business or putting up with smoke and soot. "We suffer (smoke inhalation) when cooking with firewood, but we have no choice," Karunawathi told AFP. "It is also difficult to find firewood and it is also becoming very expensive." (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Once prosperous, Sri Lankans will now cook with firewood, as economic mismanagement hits hard

Sri Lanka only has 4061 tons of petrol left in its government reserves with public transport grinding to a halt as the country's economic crisis deepened.

Sri Lanka's fuel reserves shrink further, only 4061 tonnes petrol left

Sri Lanka has run out of fuel. It has banned all sales for 2 weeks. Only trains, buses & ambulances are allowed to refuel. Meanwhile, an exodus has begun. Over 450 Lankans have been caught trying to flee the country Palki Sharma reports.

Gravitas: Sri Lanka halts petrol & diesel sales for 2 weeks

Venezuela is all set to start its oil exports to Europe two years after the US announced sanctions on the South American country on charges of undermining democracy. The fresh exports come as Europe is looking to cut its crude imports from Russia in the wake of war against Ukraine.

A 650,000-barrel-cargo of Venezuela’s oil chartered by Italy’s Eni is about to take off, Reuters news agency reported citing Refinitiv Eikon data on Friday.

Apart from that, a second tanker chartered by Eni, the very large crude carrier (VLCC) Pantanassa, is currently sailing towards Venezuela and expected to load 2 million barrels of the same grade, diluted crude oil (DCO), and take it to Europe, according to the Eikon data.

That cargo is expected to be delivered by Venezuela’s state-owned PDVSA later this month with an option for Eni to sell a portion of the crude to Spain’s Repsol for its Cartagena and Bilbao refineries, according to the document and sources.

In May, the US State Department sent letters to Eni and Spain’s Repsol authorising them to resume Venezuelan crude imports as a way to settle billions of dollars of unpaid debt and dividends owed by the OPEC-member nation.

The oil exports is likely to provide a major relief to the Venezuelan economy which is burdened with debt as its inflation rate reached stratospheric levels in 2018.

According to British oil and gas company BP, Venezuela has the world's biggest oil reserves.

In 2019, the US imposed oil sanctions on Venezuela under the Trump administration due to ongoing human rights violations by President Nicolás Maduro. Under President Biden, there were discussions about reopening some trade links by allowing crude-for-diesel exchanges on humanitarian grounds, although this never came to fruition.

The White House announced in May that it was reconsidering its restrictions on Venezuelan oil, entering discussions with Maduro.

(With imports from agencies)

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Venezuela is all set to start its oil exports to Europe two years after the US announced sanctions on the South American country on charges of undermining democracy.

Venezuela is all set to start its oil exports to Europe two years after the US announced sanctions on the South American country on charges of undermining democracy. The fresh exports come as Europe is looking to cut its crude imports from Russia in the wake of war against Ukraine. A 650,000-barrel-cargo of Venezuela’s oil chartered by Italy’s Eni is about to take off, Reuters news agency reported citing Refinitiv Eikon data on Friday. Apart from that, a second tanker chartered by Eni, the very large crude carrier (VLCC) Pantanassa, is currently sailing towards Venezuela and expected to load 2 million barrels of the same grade, diluted crude oil (DCO), and take it to Europe, according to the Eikon data. That cargo is expected to be delivered by Venezuela’s state-owned PDVSA later this month with an option for Eni to sell a portion of the crude to Spain’s Repsol for its Cartagena and Bilbao refineries, according to the document and sources. In May, the US State Department sent letters to Eni and Spain’s Repsol authorising them to resume Venezuelan crude imports as a way to settle billions of dollars of unpaid debt and dividends owed by the OPEC-member nation. The oil exports is likely to provide a major relief to the Venezuelan economy which is burdened with debt as its inflation rate reached stratospheric levels in 2018. According to British oil and gas company BP, Venezuela has the world's biggest oil reserves. In 2019, the US imposed oil sanctions on Venezuela under the Trump administration due to ongoing human rights violations by President Nicolás Maduro. Under President Biden, there were discussions about reopening some trade links by allowing crude-for-diesel exchanges on humanitarian grounds, although this never came to fruition. The White House announced in May that it was reconsidering its restrictions on Venezuelan oil, entering discussions with Maduro. (With imports from agencies) WATCH WION LIVE HERE

Venezuela resumes oil exports to Europe as Russia-Ukraine war triggers high gas prices: Report

Pakistan's Finance Minister Miftah Ismail announced that the federal government has decided to raise the price of petrol by another PKR 24 per litre. This is the the third such raise within the last 20 days.

Pakistan: Govt raises fuel price for third time in 20 days

Fuel prices are on fire in Pakistan. For the third time in less than a month, fuel prices have been increased, this time prices of petroleum products have been hiked by up to 59 Pakistani rupees per liter.

Pakistan: Third fuel price hike in 20 days

Pakistani Finance Minister Miftah Ismail announced Thursday that the price of petrol has been moved up by PKR 30 to PKR 209.86, just a week after making a similar increase.

Pakistan government increases petrol price to PKR 209.86 per litre

Saudi Arabia is reportedly preparing to increase its oil production if Russia's output falls significantly as a result of the European Union's new sanctions in the wake of war in Ukraine, the Financial Times said in a report citing people familiar with the matter.

The price of oil was lower on Thursday morning, falling more than 2%. After a 0.5 percent gain on Wednesday, US West Texas Intermediate (WTI) crude fell to roughly $112 per barrel.

After increasing 0.6 per cent the day before, Brent crude was down to $113 a barrel.

Despite the fact that the price of oil has soared to its highest level in a decade, Saudi Arabia has resisted efforts from the White House to increase production.

The monarchy has stated that it needs to retain extra capacity on hand.

Fears of an oil scarcity grew as the EU imposed more sanctions on Moscow, including a prohibition on importing Russian oil via seaborne cargo.

Watch | Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

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Later this year, a pact with the United Kingdom that prohibits insurance of ships carrying oil could limit Moscow's ability to divert oil to other regions, according to reports.

According to the article, the decision to increase production could be disclosed during the OPEC+ meeting on Thursday.

Production increases that were supposed to happen in September would now happen in July and August.

While difficulties between the US and Saudi officials have existed in the past, recent trips by a high-level US team have helped to strengthen the relationship.

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Saudi Arabia is reportedly preparing to increase its oil production if Russia's output falls significantly as a result of the European Union's new sanctions in the wake of war in Ukraine, the Financial Times said in a report citing people familiar with the matter.

Saudi Arabia is reportedly preparing to increase its oil production if Russia's output falls significantly as a result of the European Union's new sanctions in the wake of war in Ukraine, the Financial Times said in a report citing people familiar with the matter. The price of oil was lower on Thursday morning, falling more than 2%. After a 0.5 percent gain on Wednesday, US West Texas Intermediate (WTI) crude fell to roughly $112 per barrel. After increasing 0.6 per cent the day before, Brent crude was down to $113 a barrel. Despite the fact that the price of oil has soared to its highest level in a decade, Saudi Arabia has resisted efforts from the White House to increase production. The monarchy has stated that it needs to retain extra capacity on hand. Fears of an oil scarcity grew as the EU imposed more sanctions on Moscow, including a prohibition on importing Russian oil via seaborne cargo. Watch | Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting Later this year, a pact with the United Kingdom that prohibits insurance of ships carrying oil could limit Moscow's ability to divert oil to other regions, according to reports. According to the article, the decision to increase production could be disclosed during the OPEC+ meeting on Thursday. Production increases that were supposed to happen in September would now happen in July and August. While difficulties between the US and Saudi officials have existed in the past, recent trips by a high-level US team have helped to strengthen the relationship. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oil prices slide on report that Saudi is ready to pump more if Russian output sinks

Pakistani Finance Minister Miftah Ismail announced that the government has decided to increase petrol and diesel prices by 30 Pakistani Rupees per litre. He said that the decision was taken to ensure the revival of the IMF program.

Pakistan govt raises fuel price by 30 PKR per litre in a bid to revive IMF program

Sri Lanka is in a mess as they have run out of petrol, medicines and foreign reserves. The measures needed to pull the economy out of this crisis could bring even more pain. The Island nation has suspended sovereign debt payments.

Sri Lanka suspends sovereign debt payments amid economic crisis

When the global prices for fuel are rising, motorcyclists in the Philippines are buying domestic fuel for cheaper rates. People here are still buying fuel at older prices, but how?

People in this country are buying fuel at cheaper prices, but how?

The retail price of fuel has been increasing consistently for a fortnight in India it has been high by 80 paise today leaving consumers with a hole in their pocket.

India: 14th fuel price hike in 16 days | Petrol price hike

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4.

In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.21 to $120.89 per barrel, while the global benchmark surpassed $130.

According to Bloomberg, the all-time high for oil prices was $147.50 in July 2008.

According to AAA, the price of regular gas increased by over 41 cents during the first full week of Russia's invasion of Ukraine.

According to GasBuddy, California has the most expensive gasoline in the US, with drivers spending an average of $5.32 a gallon.

The cheapest gas is found in Oklahoma, where it costs roughly $3.64.&nbsp;

According to Bloomberg, the all-time high for gas prices in the United States was $4.10 in July 2008.As of early Monday, the average gas price was 4 cents away from reaching that record, prompting an exclamatory tweet from De Haan.&nbsp;

According to Yardeni Research, the average American household spent $3,100 on petrol in 2021.

However, according to a survey by an investment research firm, the recent increase in petrol prices might cost Americans up to $2,000 more this year.&nbsp;

(With inputs from agencies)

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4. In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4. In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.21 to $120.89 per barrel, while the global benchmark surpassed $130. According to Bloomberg, the all-time high for oil prices was $147.50 in July 2008. According to AAA, the price of regular gas increased by over 41 cents during the first full week of Russia's invasion of Ukraine. According to GasBuddy, California has the most expensive gasoline in the US, with drivers spending an average of $5.32 a gallon. The cheapest gas is found in Oklahoma, where it costs roughly $3.64. According to Bloomberg, the all-time high for gas prices in the United States was $4.10 in July 2008.As of early Monday, the average gas price was 4 cents away from reaching that record, prompting an exclamatory tweet from De Haan. According to Yardeni Research, the average American household spent $3,100 on petrol in 2021. However, according to a survey by an investment research firm, the recent increase in petrol prices might cost Americans up to $2,000 more this year. (With inputs from agencies)

For the first time since 2008, gas prices in US surpassed $4 per gallon

Sri Lankan government has run out of cash to buy fuel. Most of the pumps at the fueling station across the country are running dry. Two shipments of fuel arrived in the country but it was unable to pay for it.

Sri Lankan govt runs out of cash to buy fuel, petrol pumps running dry

Pakistan government on Tuesday announced the Rs12.03 hike in fuel prices, and with this, the prices of petroleum have reached a historic high in the country.

Pakistan increases petrol prices by Rs12.03 per litre

Even as severe foreign exchange crisis torments Sri Lanka, the price hike of petrol and diesel has worsened the situation in the island country. &nbsp;&nbsp;

In order to seek respite, the government has started negotiations with India and Oman to come up with credit lines for purchases of fuel. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/trending/queen-of-asia-worlds-largest-corundum-sapphire-pebble-unveiled-in-sri-lanka-436836" hreflang="en">'Queen of Asia': World's largest corundum sapphire pebble unveiled in Sri Lanka</a>

The price of petrol has reached Rs 171 per litre and diesel has touched Rs 121 in the country. The development has led to a hue and cry in the nation. &nbsp; &nbsp;

State oil entity of Sri Lanka and local subsidiary of the Indian Oil Corporation had hiked the prices. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/after-suspending-solar-power-project-chinese-ambassador-goes-on-charm-offensive-in-jaffna-437774" hreflang="en">After suspending solar power project, Chinese ambassador goes on charm offensive in Jaffna</a>

Ceylon Petroleum Corporation (CPC), which is run by state, had been urging the government to hike prices but it did not allow the rise since October. &nbsp;&nbsp;

Now, the CPC raised the price of petrol by Rs 20 and diesel by Rs 10. Petrol 95 Octane’s price has been increased by Rs 23. It has now reached Rs 207 per litre. The Petrol 95 Octane of Lanka IOC (LIOC), which is the subsidiary of Indian Oil Corporation in the country, will cost three rupees more than that of the CPC. &nbsp;

(With inputs from agencies)&nbsp;

Even as severe foreign exchange crisis torments Sri Lanka, the price hike of petrol and diesel has worsened the situation in the island country. In order to seek respite, the government has started negotiations with India and Oman to come up with credit lines for purchases of fuel.

Even as severe foreign exchange crisis torments Sri Lanka, the price hike of petrol and diesel has worsened the situation in the island country. In order to seek respite, the government has started negotiations with India and Oman to come up with credit lines for purchases of fuel. Also Read | 'Queen of Asia': World's largest corundum sapphire pebble unveiled in Sri Lanka The price of petrol has reached Rs 171 per litre and diesel has touched Rs 121 in the country. The development has led to a hue and cry in the nation. State oil entity of Sri Lanka and local subsidiary of the Indian Oil Corporation had hiked the prices. Also Read: After suspending solar power project, Chinese ambassador goes on charm offensive in Jaffna Ceylon Petroleum Corporation (CPC), which is run by state, had been urging the government to hike prices but it did not allow the rise since October. Now, the CPC raised the price of petrol by Rs 20 and diesel by Rs 10. Petrol 95 Octane’s price has been increased by Rs 23. It has now reached Rs 207 per litre. The Petrol 95 Octane of Lanka IOC (LIOC), which is the subsidiary of Indian Oil Corporation in the country, will cost three rupees more than that of the CPC. (With inputs from agencies)

Petrol, diesel price hike in Sri Lanka forces govt to seek help from India, Oman

Pakistan’s petroleum dealers launched a nationwide protest against the government on Thursday for failing to raise their profit margins.

Several privately-owned petrol stations were closed across the country in response to the call by the Pakistan Petroleum Dealers Association (PPDA).

According to the PPDA handout, a meeting of petrol dealers was held at Faletti's Hotel in Lahore on Saturday, where it was noted that the government had promised to raise the dealers' profit margin three years ago.

"The promise remains unfulfilled to date ... [and] now, because of [growing] inflation and increase in the prices of petroleum products, it has become difficult for dealers to run fuel stations," the press release read.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/entire-nation-is-crying-maryam-nawaz-slams-pakistan-pm-imran-khan-421413">'Entire nation is crying': Maryam Nawaz slams Pakistan PM Imran Kha</a>n

However, the association did not mention when the strike will end, according to the Dawn newspaper.

The retailers had been seeking a nine-rupee rise—which the government has been reluctant to do so.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sugar-crisis-in-pakistan-imran-khan-govt-decides-to-put-up-entire-sugar-stock-for-sale-427856">Sugar crisis in Pakistan: Imran Khan govt decides to put up entire sugar stock for sale</a>

Pakistan’s energy minister Hammad Azhar categorically said that only "legitimate demands" will be accepted and warned that those seeking a nine-rupee raise would face disappointment.

The minister asked the dealers to reconsider, saying that their protest was inconveniencing the public.

However, he made it clear that the government will not accept any illegitimate demands.

"Some groups want to use this strike to have a raise of nine rupees," the Dawn quoted the minister as saying.

"A nine-rupee raise cannot be granted just to benefit a few companies. Legitimate demands will be accepted, illegitimate ones will be not," declared the minister.

Meanwhile, a meeting is underway between the representatives of all the major oil marketing companies, petroleum dealers and officials of the petroleum division.

(With inputs from agencies)

Pakistan’s petroleum dealers launched a nationwide protest against the government on Thursday for failing to raise their profit margins. Several privately-owned petrol stations were closed across the country in response to the call by the Pakistan Petroleum Dealers Association (PPDA).

Pakistan’s petroleum dealers launched a nationwide protest against the government on Thursday for failing to raise their profit margins. Several privately-owned petrol stations were closed across the country in response to the call by the Pakistan Petroleum Dealers Association (PPDA). According to the PPDA handout, a meeting of petrol dealers was held at Faletti's Hotel in Lahore on Saturday, where it was noted that the government had promised to raise the dealers' profit margin three years ago. "The promise remains unfulfilled to date ... [and] now, because of [growing] inflation and increase in the prices of petroleum products, it has become difficult for dealers to run fuel stations," the press release read. Also read | 'Entire nation is crying': Maryam Nawaz slams Pakistan PM Imran Khan However, the association did not mention when the strike will end, according to the Dawn newspaper. The retailers had been seeking a nine-rupee rise—which the government has been reluctant to do so. Also read | Sugar crisis in Pakistan: Imran Khan govt decides to put up entire sugar stock for sale Pakistan’s energy minister Hammad Azhar categorically said that only "legitimate demands" will be accepted and warned that those seeking a nine-rupee raise would face disappointment. The minister asked the dealers to reconsider, saying that their protest was inconveniencing the public. However, he made it clear that the government will not accept any illegitimate demands. "Some groups want to use this strike to have a raise of nine rupees," the Dawn quoted the minister as saying. "A nine-rupee raise cannot be granted just to benefit a few companies. Legitimate demands will be accepted, illegitimate ones will be not," declared the minister. Meanwhile, a meeting is underway between the representatives of all the major oil marketing companies, petroleum dealers and officials of the petroleum division. (With inputs from agencies)

Pakistan petroleum dealers launch nationwide strike against lower profit margins

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.

The move is designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand.

US&nbsp;President Joe Biden is facing low approval ratings due to high prices for gasoline and other consumer items in the recovery from the coronavirus pandemic, posing a threat to him and his Democratic party ahead of next year`s congressional elections.

A so-called "swap" from the US&nbsp;Strategic Petroleum Reserve (SPR) will be announced on Tuesday in a move coordinated with several countries, the source said. The source did not specify how much oil would be released from the stockpiles.

Biden has already asked China, India, South Korea and Japan to release strategic oil stocks in concert with the United States. Japanese and Indian officials are working on ways to do that, Reuters reported.

The unprecedented effort by Washington to team up with major Asian economies to lower energy prices is intended as a warning to major producers that they should pump more oil to address concerns of high fuel prices in powerhouse economies.

OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, plans to meet on Dec. 2 to discuss output policy.

The impact of a coordinated oil release would depend on the timeframe and quantity, but a release of more than about 60 million barrels in around 30 days would be seen by the market as "very negative for pricing", said Commonwealth Bank of Australia analyst Vivek Dhar.

"This situation is coming at a time when this market was shifting and global oil stockpiles are rising. So this could see prices fall more steeply than you think," he said, pointing to new coronavirus lockdowns in Europe.

<h2>Oil off highs</h2>

The United States historically has worked with the Paris-based International Energy Agency (IEA), a bloc of 30 industrialized energy-consuming nations when global supply issues demand a coordinated release of stocks.

Japan and South Korea are IEA members, while China and India are only associate members.

Under an SPR swap, oil companies take crude oil from the stockpiles but are required to return it - or the refined product - plus interest. Swaps are typically offered when oil companies face a supply disruption like a pipeline outage or damage from a hurricane.

Outright sales are less common.

U.S. presidents have authorized emergency sales from the SPR three times, most recently in 2011 during a war in OPEC member Libya. Sales also took place during the Gulf War in 1991 and after Hurricane Katrina in 2005.

Current high prices have not been caused by a supply disruption, but rather a rebound on global energy demand from lows struck during lockdowns in the early days of the coronavirus crisis.

OPEC+ has been adding around 400,000 barrels per day to the market on a monthly basis to meet the increasing demand, but has resisted Biden`s calls for more rapid increases, arguing the rebound in demand could be fragile.

The threat of a coordinated release of stockpiled oil onto the market, along with new coronavirus-related lockdowns in Europe, has knocked the wind out of crude oil`s rally lately. Brent crude was last trading around $79.30 a barrel, down more than $7 from a peak reached in late October. [O/R]

Citigroup analysts estimated that a combined release of oil from the United States and other countries could be "on the order of 100-120 million bbls or higher."

One source familiar with the discussions, however, said the input from China and other countries is still very much up in the air, and that nations like India and South Korea would be likely to contribute just a small amount of barrels.

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said. The move is designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand. US President Joe Biden is facing low approval ratings due to high prices for gasoline and other consumer items in the recovery from the coronavirus pandemic, posing a threat to him and his Democratic party ahead of next year`s congressional elections. A so-called "swap" from the US Strategic Petroleum Reserve (SPR) will be announced on Tuesday in a move coordinated with several countries, the source said. The source did not specify how much oil would be released from the stockpiles. Biden has already asked China, India, South Korea and Japan to release strategic oil stocks in concert with the United States. Japanese and Indian officials are working on ways to do that, Reuters reported. The unprecedented effort by Washington to team up with major Asian economies to lower energy prices is intended as a warning to major producers that they should pump more oil to address concerns of high fuel prices in powerhouse economies. OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, plans to meet on Dec. 2 to discuss output policy. The impact of a coordinated oil release would depend on the timeframe and quantity, but a release of more than about 60 million barrels in around 30 days would be seen by the market as "very negative for pricing", said Commonwealth Bank of Australia analyst Vivek Dhar. "This situation is coming at a time when this market was shifting and global oil stockpiles are rising. So this could see prices fall more steeply than you think," he said, pointing to new coronavirus lockdowns in Europe. Oil off highs The United States historically has worked with the Paris-based International Energy Agency (IEA), a bloc of 30 industrialized energy-consuming nations when global supply issues demand a coordinated release of stocks. Japan and South Korea are IEA members, while China and India are only associate members. Under an SPR swap, oil companies take crude oil from the stockpiles but are required to return it - or the refined product - plus interest. Swaps are typically offered when oil companies face a supply disruption like a pipeline outage or damage from a hurricane. Outright sales are less common. U.S. presidents have authorized emergency sales from the SPR three times, most recently in 2011 during a war in OPEC member Libya. Sales also took place during the Gulf War in 1991 and after Hurricane Katrina in 2005. Current high prices have not been caused by a supply disruption, but rather a rebound on global energy demand from lows struck during lockdowns in the early days of the coronavirus crisis. OPEC+ has been adding around 400,000 barrels per day to the market on a monthly basis to meet the increasing demand, but has resisted Biden`s calls for more rapid increases, arguing the rebound in demand could be fragile. The threat of a coordinated release of stockpiled oil onto the market, along with new coronavirus-related lockdowns in Europe, has knocked the wind out of crude oil`s rally lately. Brent crude was last trading around $79.30 a barrel, down more than $7 from a peak reached in late October. [O/R] Citigroup analysts estimated that a combined release of oil from the United States and other countries could be "on the order of 100-120 million bbls or higher." One source familiar with the discussions, however, said the input from China and other countries is still very much up in the air, and that nations like India and South Korea would be likely to contribute just a small amount of barrels.

US set to unveil emergency oil release in bid to fight high prices

The BJP on Wednesday hailed the central government's decision to reduce petrol and diesel prices as Prime Minister Narendra Modi's Diwali gift.

Bharatiya Janata Party (BJP) president J P Nadda said the decision will boost consumption and keep the inflation low.

"I thank @narendramodi Ji's Gov for reducing Excise Duty on Petrol &amp; Diesel on the eve of Diwali by Rs 5 and Rs 10 respectively from tomorrow. The reduction in excise duty on Petrol &amp; Diesel will also boost consumption and keep inflation low, thus helping poor &amp; middle classes," Nadda said in a tweet.

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<blockquote class="twitter-tweet">
I thank <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> Ji’s Gov for reducing Excise Duty on Petrol &amp; Diesel on the eve of Diwali 
by Rs. 5 and Rs. 10 respectively from tomorrow. 
The reduction in excise duty on Petrol &amp; Diesel will also boost consumption and keep inflation low, thus helping poor &amp; middle classes.
— Jagat Prakash Nadda (@JPNadda) <a href="https://twitter.com/JPNadda/status/1455918537961209857?ref_src=twsrc%5Etfw">November 3, 2021</a></blockquote>
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BJP chief spokesperson Anil Baluni said Modi has given a glorious gift on Diwali.

The government on Wednesday cut the excise duty on petrol and diesel by Rs 5 and Rs 10 respectively to bring down retail rates from record highs.

The decision is likely to be greeted as a long expected succour to consumers, who have been reeling under steep price rises in both fuels almost the entire year.

The price of petrol in the national capital stood at Rs 110.08 on Wednesday, having risen by Rs 20 in last six months alone.

The year has seen a steep rise in prices of petrol and diesel throughout, with as many as 17 and 20 incidents of price rise for both fuels till September.

The BJP on Wednesday hailed the central government's decision to reduce petrol and diesel prices as Prime Minister Narendra Modi's Diwali gift. Bharatiya Janata Party (BJP) president J P Nadda said the decision will boost consumption and keep the inflation low.

The BJP on Wednesday hailed the central government's decision to reduce petrol and diesel prices as Prime Minister Narendra Modi's Diwali gift. Bharatiya Janata Party (BJP) president J P Nadda said the decision will boost consumption and keep the inflation low. "I thank @narendramodi Ji's Gov for reducing Excise Duty on Petrol & Diesel on the eve of Diwali by Rs 5 and Rs 10 respectively from tomorrow. The reduction in excise duty on Petrol & Diesel will also boost consumption and keep inflation low, thus helping poor & middle classes," Nadda said in a tweet. I thank @narendramodi Ji’s Gov for reducing Excise Duty on Petrol & Diesel on the eve of Diwali by Rs. 5 and Rs. 10 respectively from tomorrow. The reduction in excise duty on Petrol & Diesel will also boost consumption and keep inflation low, thus helping poor & middle classes. — Jagat Prakash Nadda (@JPNadda) November 3, 2021 × BJP chief spokesperson Anil Baluni said Modi has given a glorious gift on Diwali. The government on Wednesday cut the excise duty on petrol and diesel by Rs 5 and Rs 10 respectively to bring down retail rates from record highs. The decision is likely to be greeted as a long expected succour to consumers, who have been reeling under steep price rises in both fuels almost the entire year. The price of petrol in the national capital stood at Rs 110.08 on Wednesday, having risen by Rs 20 in last six months alone. The year has seen a steep rise in prices of petrol and diesel throughout, with as many as 17 and 20 incidents of price rise for both fuels till September.

BJP lauds cut in petrol, diesel prices

The petrol and diesel prices continued to soar for the fourth consecutive day on Sunday, with the fuel rates retailing in India’s Madhya Pradesh state retailing highest in the country.

In the central state, petrol was selling at Rs 121.52 (US $1.6) per litre and diesel coming for Rs 112.44 (US $1.49) a litre.

On Sunday, the oil marketing companies increased petrol and disel prices by 35 paise per litre. With this petrol prices in Delhi reached Rs 109.34 (US $1.45) per litre while diesel is now retailing at Rs 98.07 ($1.31) per litre in the national capital.

In India’s financial hub Mumbai city, petrol costs Rs 115 (US $1.53) per litre.

Prices differ from state to state, depending on the incidence of local taxes and the cost of transportation.

The fuel rates were stable for two days, after which they have been on a rise for four days.

Also read |&nbsp;<a href="https://www.wionews.com/sports/uks-fuel-crisis-hits-cristiano-ronaldo-manchester-united-stars-bentley-goes-petrol-hunting-see-pics-417147">UK's fuel crisis hits Cristiano Ronaldo! Manchester United star's Bentley goes petrol-hunting&nbsp;</a>

While petrol has already hit the Rs 100-a-litre mark or more in all major cities of the country, diesel has touched that level in over one-and-a-half dozen states. Diesel rates crossed that level in places ranging from Jalandhar in Punjab to Gangtok in Sikkim.

The twin factors led to petrol price crossing Rs 120 a litre mark in places such as Panna, Satna, Rewa, Shahdol, Chhindwara and Balaghat in Madhya Pradesh.

The same level has also been crossed in two border towns of Rajasthan - Ganganagar and Hanumangarh.

Also read |&nbsp;<a href="https://www.wionews.com/world/fuel-crisis-russian-media-mocks-uk-compares-it-to-soviet-russia-416768">Fuel crisis: Russian media mocks UK, compares it to Soviet Russia</a>

Meanwhile, the government's collection from levy of excise duty on petroleum products has risen 33 per cent in the first six months of the current fiscal when compared with last year and is 79 per cent more than pre-Covid levels, official data showed.

Data available from the Controller General of Accounts (CGA) in the Union Ministry of Finance showed excise duty collections during April-September 2021 surging to over Rs 1.71 billion, from Rs 1.28 billion crore mop-up in the same period of the previous fiscal.

Thanks to a steep hike in excise duty rates, the collection is 79 per cent more than Rs 95 billion mop-up in April-September 2019.

(With inputs from agencies)

The petrol and diesel prices continued to soar for the fourth consecutive day on Sunday, with the fuel rates retailing in India’s Madhya Pradesh state retailing highest in the country.

The petrol and diesel prices continued to soar for the fourth consecutive day on Sunday, with the fuel rates retailing in India’s Madhya Pradesh state retailing highest in the country. In the central state, petrol was selling at Rs 121.52 (US $1.6) per litre and diesel coming for Rs 112.44 (US $1.49) a litre. On Sunday, the oil marketing companies increased petrol and disel prices by 35 paise per litre. With this petrol prices in Delhi reached Rs 109.34 (US $1.45) per litre while diesel is now retailing at Rs 98.07 ($1.31) per litre in the national capital. In India’s financial hub Mumbai city, petrol costs Rs 115 (US $1.53) per litre. Prices differ from state to state, depending on the incidence of local taxes and the cost of transportation. The fuel rates were stable for two days, after which they have been on a rise for four days. Also read | UK's fuel crisis hits Cristiano Ronaldo! Manchester United star's Bentley goes petrol-hunting While petrol has already hit the Rs 100-a-litre mark or more in all major cities of the country, diesel has touched that level in over one-and-a-half dozen states. Diesel rates crossed that level in places ranging from Jalandhar in Punjab to Gangtok in Sikkim. The twin factors led to petrol price crossing Rs 120 a litre mark in places such as Panna, Satna, Rewa, Shahdol, Chhindwara and Balaghat in Madhya Pradesh. The same level has also been crossed in two border towns of Rajasthan - Ganganagar and Hanumangarh. Also read | Fuel crisis: Russian media mocks UK, compares it to Soviet Russia Meanwhile, the government's collection from levy of excise duty on petroleum products has risen 33 per cent in the first six months of the current fiscal when compared with last year and is 79 per cent more than pre-Covid levels, official data showed. Data available from the Controller General of Accounts (CGA) in the Union Ministry of Finance showed excise duty collections during April-September 2021 surging to over Rs 1.71 billion, from Rs 1.28 billion crore mop-up in the same period of the previous fiscal. Thanks to a steep hike in excise duty rates, the collection is 79 per cent more than Rs 95 billion mop-up in April-September 2019. (With inputs from agencies)

Fuel rates soar for fourth consecutive day in India, petrol in Madhya Pradesh retailing highest

Due to rising costs and decreasing supplies of the fuel needed for heating, producing electricity, and powering vehicles and trucks, gas stations in several regions of China have begun rationing diesel supply.

The shortage of fuel adds to the world's second-largest economy's energy woes.

The country is already dealing with coal and natural gas shortages, which have resulted in massive power outages.

The global supply-chain nightmare is set to get much more complicated due to a gasoline scarcity for vehicles.&nbsp;

"Diesel-powered vehicles can hardly get enough fuel as prices rise," said a truck dealer in Shijiazhuang, a northern city in Hebei Province.

According to the dealer, local gas stations are limiting fuel sales to 100 litres per vehicle, filling barely 10% of the diesel tank for most trucks.

Truck drivers in Fuyang, Anhui Province, eastern China, also had trouble getting the gasoline they needed.

According to a truck driver, gas stations are either restricting purchases or imposing fees ranging from 100 yuan ($15.70) to 300 yuan for diesel fill-ups.&nbsp;

"I have never seen anything like this," he said.

Diesel is the latest in a long line of goods in China that have suffered price spikes and scarcity this year.

Diesel prices at key refineries in Shandong have risen roughly 55 percent since early September, from 5,500 yuan per tonne to 8,600 yuan per tonne, according to a report published on October 22 by commodities market information source 315i.com.

(With inputs from agencies)

Due to rising costs and decreasing supplies of the fuel needed for heating, producing electricity, and powering vehicles and trucks, gas stations in several regions of China have begun rationing diesel supply.

Due to rising costs and decreasing supplies of the fuel needed for heating, producing electricity, and powering vehicles and trucks, gas stations in several regions of China have begun rationing diesel supply. The shortage of fuel adds to the world's second-largest economy's energy woes. The country is already dealing with coal and natural gas shortages, which have resulted in massive power outages. The global supply-chain nightmare is set to get much more complicated due to a gasoline scarcity for vehicles. "Diesel-powered vehicles can hardly get enough fuel as prices rise," said a truck dealer in Shijiazhuang, a northern city in Hebei Province. According to the dealer, local gas stations are limiting fuel sales to 100 litres per vehicle, filling barely 10% of the diesel tank for most trucks. Truck drivers in Fuyang, Anhui Province, eastern China, also had trouble getting the gasoline they needed. According to a truck driver, gas stations are either restricting purchases or imposing fees ranging from 100 yuan ($15.70) to 300 yuan for diesel fill-ups. "I have never seen anything like this," he said. Diesel is the latest in a long line of goods in China that have suffered price spikes and scarcity this year. Diesel prices at key refineries in Shandong have risen roughly 55 percent since early September, from 5,500 yuan per tonne to 8,600 yuan per tonne, according to a report published on October 22 by commodities market information source 315i.com. (With inputs from agencies)

Due to fuel shortages, China rations diesel 

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