Oil supply concerns ease as oil prices dip to near 2-month lows. Rising interest rates weigh on crude prices. Watch this report.

World Business Watch: Oil prices dip to near two-month lows

Rising prices bring another pinch to Japanese households. According to a research firm, prices for near 6700 food and beverage products will be hiked in October as Japan deals with a weakening currency.

Inflation in Japan: Unprecedented rise in cost of food & beverages

The world's top exporter of rice India has been hit by patchy rains. A fall in rice production is expected to raise food prices. Watch this report.

The world's top exporter of rice India hit by patchy rains; Fall in production to raise food prices

Global inflation appears to be slowly having an impact on Japan, a country that is considered as one of the strongest economies in the world. Weak Yen and volatile oil prices continue to make situation shaky.

Inflation shows early signs of hitting a peak; overall prices in Japan rose 2.4% in June

Saudi Arabia has raised the official selling price of oil. Global oil prices have also witnessed a jump in price.

Saudi Arabia raises the official selling price of oil

People from across the globe are taking to the streets in protest against rising food prices and inflation. But why are food prices rising globally? Watch this report.

Tracking Protests against food prices: People take to the streets across the globe

The world is going through a food crisis amid the ongoing Russian invasion of Ukraine. The United States has now slammed Russia for amplifying the crisis.

The food crisis worsens across the globe: The US slams Russia for amplifying the crisis

The Indian vehicle industry is suffering a major setback as a result of rising inflation. In March, car sales were down considerably from the prior two years. Watch this report.

Why are car prices on the rise in India?

When Adam Potash started driving for Lyft six months ago to help make ends meet, he was happy with the pay. The business was far from lucrative, but he was making about $200 a day before paying for costs like gas and car maintenance.

But as gas prices have risen in recent weeks, Potash has barely been breaking even. To compensate, he has focused on driving during peak customer hours and tried to fill up at cheaper gas stations in the area around San Francisco where he works. He has also reduced his driving time from about 45 hours each week to roughly 20 hours.

“It hurts. I don’t have money coming in,” Potash, 48, said of his reduced hours. “But I’m not willing to operate at a loss.”

Gig workers who drive for ride-hailing and delivery companies like Uber, Lyft and DoorDash have been hit hard by rising gas prices because their ability to earn money is tied directly to driving hundreds of miles each week. And because the drivers are contract workers, the companies do not reimburse them for the cost of fueling up.

Some drivers say that they have had enough and that the added cost of gas is making an already difficult financial equation untenable. The national average price of a gallon of gas peaked at a record $4.33 last week, according to AAA. In California, where Potash lives, gas now averages $5.77 a gallon.

“High gas prices are the final nail in the coffin,” said Harry Campbell, who writes a blog called the Rideshare Guy and produces a podcast aimed at helping ride-hailing drivers. “Rising gas prices make a tough situation even tougher, and for a lot of drivers, it’s sort of the final straw that pushes them over the edge.”

In a survey last week of 325 drivers who follow his content, Campbell found that 38% were driving less because of high gas prices and 15% had quit driving altogether.

Some drivers around the country staged a boycott of ride-hailing apps Thursday, though it was difficult to say for certain how many participated. The effort, initially organized to raise awareness about driver safety, gave way to an outpouring of frustration about how high gas prices were making a tough business even tougher.

“We started organizing months ago about the poor safety, and when gas prices went through the roof, many drivers said, ‘We need to stand up and make the companies get involved in both,’” said Torsten Kunert, who gives advice to drivers on his YouTube channel, Rideshare Professor.

Uber, Lyft and DoorDash say overall driver numbers are not down. Uber said it has more active drivers now than it did in January. Both Uber and Lyft added small fees to the price of rides in most places for the next two months, a change they say will help compensate drivers.

“We know drivers and couriers are feeling the sting of record-high prices at the pump,” Liza Winship, Uber’s head of driver operations in the U.S. and Canada, said in a statement announcing the gas surcharge. Lyft echoed that sentiment in a blog post Monday.

DoorDash announced a gas rewards program Tuesday. Those who use a prepaid debit card designed for DoorDash workers will get 10% cash back at gas stations, the company said, and DoorDash is adding bonus payments depending on miles driven. Grubhub also said it would boost driver pay.

Both Uber and Lyft say that drivers have been making more money since lockdowns lifted than they did earlier in the pandemic or even pre-pandemic, even when accounting for rising gas prices. And both companies are touting a partnership with an app called GetUpside that offers some cash back rewards for getting gas.

Gridwise, an app that helps drivers track their earnings and tallies data, found that drivers’ earnings have risen nationally in recent months, from an average of $308 per week in early January to $426 in early March. But gas costs for ride-hailing drivers have also gone up, from $31 per transaction to nearly $39 in the same period.

Uber and Lyft say the entirety of their new gas fees — $0.35 to $0.55 per trip for Uber and $0.55 for Lyft — will go to the drivers. But some drivers say the action is inadequate. Gas prices, on average, have increased by 49% in the past year, according to AAA.

“That literally insulted every driver, and that was their first communication since gas prices were going up,” said Philippe Jean, an Uber and Lyft driver in Coopersburg, Pennsylvania.

Jennifer Montgomery, an UberEats driver in Las Vegas, where gas costs $5 per gallon, agreed that the gas fee “doesn’t even put a dent” in the cost of fuel, which for her has been at least $30 more each day since prices began to increase.

Montgomery, 40, said she was becoming disillusioned with the job and had begun looking for other work that did not require her to drive. She has cut her six-hour daily shifts in half because “it’s really not a profit anymore.”

“I don’t want to deliver anymore,” she said. “Especially when you have bills to pay and rising cost of rent and mortgage, groceries — it affects everything.”

Jean mostly drives for Uber and Lyft during the winter and spring, when his work as a handyman tends to slow down. He said he enjoys interacting with passengers and usually makes $300 to $400 per week, with about $60 of that going to filling his tank.

Lately, though, Jean has been paying twice that amount for gas and has had to cut back elsewhere to compensate — including by reducing his car insurance coverage.

“I’m driving Uber now hoping not to get in an accident, because if I do, I’m going to lose my car completely,” he said.

The gas price woes have actually caused Jean to drive more in the short term, because people with cars that get poor gas mileage have told him they have stopped driving. With his hybrid Toyota Prius, he figured he would be able to snap up some of their business and still be able to make some money. But Jean said he would likely give up Uber altogether later in the spring when his handyman work picks up again, because of the high gas prices.

He questioned whether he or other drivers were even profiting from the ride-sharing business at all, after all of the costs involved.

“I think personally if I sat down and did the numbers, it would be break-even,” Jean said. “I don’t think we’re making money on it anymore. I think I’m afraid to admit it to myself, because then I would definitely stop doing it.”

When Adam Potash started driving for Lyft six months ago to help make ends meet, he was happy with the pay. The business was far from lucrative, but he was making about $200 a day before paying for costs like gas and car maintenance.

When Adam Potash started driving for Lyft six months ago to help make ends meet, he was happy with the pay. The business was far from lucrative, but he was making about $200 a day before paying for costs like gas and car maintenance. But as gas prices have risen in recent weeks, Potash has barely been breaking even. To compensate, he has focused on driving during peak customer hours and tried to fill up at cheaper gas stations in the area around San Francisco where he works. He has also reduced his driving time from about 45 hours each week to roughly 20 hours. “It hurts. I don’t have money coming in,” Potash, 48, said of his reduced hours. “But I’m not willing to operate at a loss.” Gig workers who drive for ride-hailing and delivery companies like Uber, Lyft and DoorDash have been hit hard by rising gas prices because their ability to earn money is tied directly to driving hundreds of miles each week. And because the drivers are contract workers, the companies do not reimburse them for the cost of fueling up. Some drivers say that they have had enough and that the added cost of gas is making an already difficult financial equation untenable. The national average price of a gallon of gas peaked at a record $4.33 last week, according to AAA. In California, where Potash lives, gas now averages $5.77 a gallon. “High gas prices are the final nail in the coffin,” said Harry Campbell, who writes a blog called the Rideshare Guy and produces a podcast aimed at helping ride-hailing drivers. “Rising gas prices make a tough situation even tougher, and for a lot of drivers, it’s sort of the final straw that pushes them over the edge.” In a survey last week of 325 drivers who follow his content, Campbell found that 38% were driving less because of high gas prices and 15% had quit driving altogether. Some drivers around the country staged a boycott of ride-hailing apps Thursday, though it was difficult to say for certain how many participated. The effort, initially organized to raise awareness about driver safety, gave way to an outpouring of frustration about how high gas prices were making a tough business even tougher. “We started organizing months ago about the poor safety, and when gas prices went through the roof, many drivers said, ‘We need to stand up and make the companies get involved in both,’” said Torsten Kunert, who gives advice to drivers on his YouTube channel, Rideshare Professor. Uber, Lyft and DoorDash say overall driver numbers are not down. Uber said it has more active drivers now than it did in January. Both Uber and Lyft added small fees to the price of rides in most places for the next two months, a change they say will help compensate drivers. “We know drivers and couriers are feeling the sting of record-high prices at the pump,” Liza Winship, Uber’s head of driver operations in the U.S. and Canada, said in a statement announcing the gas surcharge. Lyft echoed that sentiment in a blog post Monday. DoorDash announced a gas rewards program Tuesday. Those who use a prepaid debit card designed for DoorDash workers will get 10% cash back at gas stations, the company said, and DoorDash is adding bonus payments depending on miles driven. Grubhub also said it would boost driver pay. Both Uber and Lyft say that drivers have been making more money since lockdowns lifted than they did earlier in the pandemic or even pre-pandemic, even when accounting for rising gas prices. And both companies are touting a partnership with an app called GetUpside that offers some cash back rewards for getting gas. Gridwise, an app that helps drivers track their earnings and tallies data, found that drivers’ earnings have risen nationally in recent months, from an average of $308 per week in early January to $426 in early March. But gas costs for ride-hailing drivers have also gone up, from $31 per transaction to nearly $39 in the same period. Uber and Lyft say the entirety of their new gas fees — $0.35 to $0.55 per trip for Uber and $0.55 for Lyft — will go to the drivers. But some drivers say the action is inadequate. Gas prices, on average, have increased by 49% in the past year, according to AAA. “That literally insulted every driver, and that was their first communication since gas prices were going up,” said Philippe Jean, an Uber and Lyft driver in Coopersburg, Pennsylvania. Jennifer Montgomery, an UberEats driver in Las Vegas, where gas costs $5 per gallon, agreed that the gas fee “doesn’t even put a dent” in the cost of fuel, which for her has been at least $30 more each day since prices began to increase. Montgomery, 40, said she was becoming disillusioned with the job and had begun looking for other work that did not require her to drive. She has cut her six-hour daily shifts in half because “it’s really not a profit anymore.” “I don’t want to deliver anymore,” she said. “Especially when you have bills to pay and rising cost of rent and mortgage, groceries — it affects everything.” Jean mostly drives for Uber and Lyft during the winter and spring, when his work as a handyman tends to slow down. He said he enjoys interacting with passengers and usually makes $300 to $400 per week, with about $60 of that going to filling his tank. Lately, though, Jean has been paying twice that amount for gas and has had to cut back elsewhere to compensate — including by reducing his car insurance coverage. “I’m driving Uber now hoping not to get in an accident, because if I do, I’m going to lose my car completely,” he said. The gas price woes have actually caused Jean to drive more in the short term, because people with cars that get poor gas mileage have told him they have stopped driving. With his hybrid Toyota Prius, he figured he would be able to snap up some of their business and still be able to make some money. But Jean said he would likely give up Uber altogether later in the spring when his handyman work picks up again, because of the high gas prices. He questioned whether he or other drivers were even profiting from the ride-sharing business at all, after all of the costs involved. “I think personally if I sat down and did the numbers, it would be break-even,” Jean said. “I don’t think we’re making money on it anymore. I think I’m afraid to admit it to myself, because then I would definitely stop doing it.”

Gig workers say high gas prices may be a breaking point

Oil prices have skidded in hopes of peace talks between Ukraine and Russia. US Crude oil fell over $3 a barrel while Asian shares trade mixed.

US Crude oil falls over $3 a barrel

Oil prices barreled down by 12% on Wednesday after the United Arab Emirates called on its OPEC partners to ramp up production.

Oil prices drop as UAE calls on OPEC to boost production

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Now, OPEC meets US Shale executives.

OPEC meets US Shale executives as oil prices skyrocket

The prices of premium perfumes have been rising sharply. This seems to have never been seen before. &nbsp;&nbsp;

But the blame does not go to rising inflation. The real reason is the consumer behaviour in times of stress and uncertainty. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/in-settlement-uk-governments-home-office-to-pay-ps5750-to-eu-citizen-for-10-hour-detention-459737" hreflang="en">In settlement, UK government’s Home Office to pay £5,750 to EU citizen for 10-hour detention</a>

In 2021, the average retail price for fragrances increased by 15% when compared to 2020. It is triple the average 5% increase witnessed&nbsp;during the two years prior to it, as per the latest data from market research firm NPD. &nbsp;

"General inflation is not necessarily the story here. We started to see this swell of growth during the pandemic where consumers were willing to trade up to more premium fragrances," said Larissa Jensen, NPD vice president and beauty industry advisor. &nbsp;&nbsp;

"We theorised that people were looking to treat themselves with little luxuries during these difficult times. Scents allow us to escape, even momentarily, and experience a different emotion," she said. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/trending/watch-strange-alien-like-creature-found-on-streets-of-sydney-amid-heavy-rainfall-459620" hreflang="en">Watch: Strange alien-like creature found on streets of Sydney amid heavy rainfall</a>

The shoppers in the US are already paying more for numerous kinds of products, such as furniture, clothes, food, shoes and cars, etc. So, beauty and other kinds of self-care purchases are not an exception. &nbsp;

Fragrance sales have been booming through the pandemic. &nbsp;

(With inputs from agencies)&nbsp;

The prices of premium perfumes have been rising sharply. This seems to have never been seen before. But the blame does not go to rising inflation. The real reason is the consumer behaviour in times of stress and uncertainty.

The prices of premium perfumes have been rising sharply. This seems to have never been seen before. But the blame does not go to rising inflation. The real reason is the consumer behaviour in times of stress and uncertainty. Also Read: In settlement, UK government’s Home Office to pay £5,750 to EU citizen for 10-hour detention In 2021, the average retail price for fragrances increased by 15% when compared to 2020. It is triple the average 5% increase witnessed during the two years prior to it, as per the latest data from market research firm NPD. "General inflation is not necessarily the story here. We started to see this swell of growth during the pandemic where consumers were willing to trade up to more premium fragrances," said Larissa Jensen, NPD vice president and beauty industry advisor. "We theorised that people were looking to treat themselves with little luxuries during these difficult times. Scents allow us to escape, even momentarily, and experience a different emotion," she said. Also Read | Watch: Strange alien-like creature found on streets of Sydney amid heavy rainfall The shoppers in the US are already paying more for numerous kinds of products, such as furniture, clothes, food, shoes and cars, etc. So, beauty and other kinds of self-care purchases are not an exception. Fragrance sales have been booming through the pandemic. (With inputs from agencies)

Prices of premium perfumes are skyrocketing. Here’s why  

Traders are still nervous about the situation in Europe. However, the oil prices took a breather after surging to a seven-year high in the previous session.

Oil prices pull back: Sanctions on Russia may not choke oil supply

Who says Mexico’s cartels just deal in drugs. Now, they seem to have found a new way to make money. &nbsp;

Well, the answer is the manipulation of prices of lime. Yes, you read it right. It is lime. &nbsp;&nbsp;

If you want to know why do the cartels have an interest in lime, keep reading. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/chile-government-pledges-new-safety-measures-after-trucker-protest-452854" hreflang="en">Chile government pledges new safety measures after trucker protest</a>

Criminal groups have been fixing prices for lime aggressively as the country is the world’s largest producer of fruit. &nbsp;

Since January 2021, the average cost of limes has tripled to around 56 pesos per kilo, as per state data. &nbsp;&nbsp;

The prices of lime have reached sky high this year due to continued exports, falling production and colder weather. During the crop season, cartels are also imposing increasing controls over producers to fund an escalating war in the state of Michoacán. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/15-year-old-spanish-boy-mercilessly-kills-parents-10-year-old-brother-in-argument-over-bad-grades-452804" hreflang="en">15-year-old Spanish boy mercilessly kills parents, 10-year-old brother in argument over bad grades</a>

The soaring prices have been tormenting several residents. &nbsp;&nbsp;

“The lime trade is a billion-dollar industry and, for any criminal group, it’s very easy and extremely profitable for them to go to the farmers and tell them what they need to pay for protection. It’s classic mafia,” said Romain Le Cour, security and violence reduction programme officer, thinktank México Evalúa. &nbsp;

“The cartels impose the price of the lime, they decide whether or not to pick them,” an industry worker told Reforma newspaper. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

Who says Mexico’s cartels just deal in drugs. Now, they seem to have found a new way to make money. Well, the answer is the manipulation of prices of lime. Yes, you read it right.

Who says Mexico’s cartels just deal in drugs. Now, they seem to have found a new way to make money. Well, the answer is the manipulation of prices of lime. Yes, you read it right. It is lime. If you want to know why do the cartels have an interest in lime, keep reading. Also Read: Chile government pledges new safety measures after trucker protest Criminal groups have been fixing prices for lime aggressively as the country is the world’s largest producer of fruit. Since January 2021, the average cost of limes has tripled to around 56 pesos per kilo, as per state data. The prices of lime have reached sky high this year due to continued exports, falling production and colder weather. During the crop season, cartels are also imposing increasing controls over producers to fund an escalating war in the state of Michoacán. Also Read: 15-year-old Spanish boy mercilessly kills parents, 10-year-old brother in argument over bad grades The soaring prices have been tormenting several residents. “The lime trade is a billion-dollar industry and, for any criminal group, it’s very easy and extremely profitable for them to go to the farmers and tell them what they need to pay for protection. It’s classic mafia,” said Romain Le Cour, security and violence reduction programme officer, thinktank México Evalúa. “The cartels impose the price of the lime, they decide whether or not to pick them,” an industry worker told Reforma newspaper. (With inputs from agencies)

Now, cartels in Mexico shift attention towards lime, fix prices aggressively

Amid surging European gas prices, Russian President Vladimir Putin said that the Nord Stream 2 undersea gas pipeline is ready and would help calm gas prices since it was ready for exports.

Russian President Vladimir Putin: Nord Stream 2 undersea gas pipeline is ready to calm rising gas prices

Amid searching European gas prices, Russian President Vladimir Putin said that the Nord Stream 2 undersea gas pipeline is ready and would help calm gas prices since it was ready for exports.

Russian President Vladimir Putin: Nord Stream 2 undersea gas pipeline is ready to calm gas prices

Recent figures by the United Nations Food and Agriculture Organization (FAO) have revealed that global food prices have hit the highest level in over a decade after rising by more than 30 per cent in the last year. The cost of cereals and vegetable oils have surged all across the globe, figures have revealed.&nbsp;

The FAO Food Price Index surged for the third month in October as there was a 3 per cent increase from the previous month.

Vegetable oil prices hit a record high after rising by almost 10 per cent in the same month. Oil prices increased because of rises in the cost of palm, soy, sunflower and rapeseed oils.&nbsp;

Labour shortages are contributing to the price surge.&nbsp;

<a href="https://www.wionews.com/world/us-china-likely-to-reopen-consulates-shut-in-2020-says-report-426931">Also read |&nbsp;US-China likely to reopen consulates shut in 2020, says report</a>

The price of wheat soared by almost 40 per cent in the last 12 months after major exporters, including Canada, Russia and the US had poor harvests.

Shipping disruptions pushed up milk prices as the cost of dairy products rose by almost 16 per cent over the last year.

Brigit Busicchia from Macquarie University has said that speculation on global markets is also contributing to price volatility.&nbsp;

"Since the 1990s, the deregulation of commodity futures trading has made it possible for institutional investors to enter this market on a large scale," she said.&nbsp;

Recent figures by the United Nations Food and Agriculture Organization (FAO) have revealed that global food prices have hit the highest level in over a decade after rising by more than 30 per cent in the last year.

Recent figures by the United Nations Food and Agriculture Organization (FAO) have revealed that global food prices have hit the highest level in over a decade after rising by more than 30 per cent in the last year. The cost of cereals and vegetable oils have surged all across the globe, figures have revealed. The FAO Food Price Index surged for the third month in October as there was a 3 per cent increase from the previous month. Vegetable oil prices hit a record high after rising by almost 10 per cent in the same month. Oil prices increased because of rises in the cost of palm, soy, sunflower and rapeseed oils. Labour shortages are contributing to the price surge. Also read | US-China likely to reopen consulates shut in 2020, says report The price of wheat soared by almost 40 per cent in the last 12 months after major exporters, including Canada, Russia and the US had poor harvests. Shipping disruptions pushed up milk prices as the cost of dairy products rose by almost 16 per cent over the last year. Brigit Busicchia from Macquarie University has said that speculation on global markets is also contributing to price volatility. "Since the 1990s, the deregulation of commodity futures trading has made it possible for institutional investors to enter this market on a large scale," she said.

Global food prices record 10-year high as wheat prices soar by 40%

The German government will drastically lower a levy on electricity consumption from 2022 to help ease the burden on consumers as Europe battles soaring energy prices, grid operators announced Friday.

The Renewable Energy Act (EEG) surcharge, used to fund the expansion of solar and wind plants, will fall by more than 40 percent to 3.723 cents ($0.043) per kilowatt hour from January 1, according to a statement by 50Herz Transmission, Amprion, TenneT TSO and TransnetBW.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/whats-behind-the-energy-crunch-in-britain-and-europe-420945">What’s behind the energy crunch in Britain and Europe</a>

It is the largest reduction yet since the green levy was introduced in 2000 to help Europe's top economy transition away from fossil fuels towards cleaner energy sources.

Economy Minister Peter Altmaier described the reduction as "good news for German consumers" and repeated a call for the EEG surcharge to be phased out "as soon as possible to relieve the current situation."

The shortfall will be offset by higher government subsidies, partly thanks to a tax on carbon emissions introduced at the start of 2021.

Germans already have the highest electricity bills in the European Union and as winter approaches, pressure is growing for the government to help mitigate a looming energy price crisis.

Gas prices have surged in Europe in recent months as demand has soared with economies emerging from their Covid-induced restrictions. Stocks were also left low after a long, cold winter.

Also Read |&nbsp;<a href="https://www.wionews.com/world/in-eu-finland-lobbies-to-get-nuclear-energy-labelled-as-sustainable-source-420124">In EU, Finland lobbies to get nuclear energy labelled as sustainable source &nbsp;</a>

Wholesale natural gas prices, the lead indicator for overall energy prices in Europe, have more than tripled this year. Oil and coal prices have also jumped, fuelling fears over spiking inflation and rocketing energy bills.&nbsp;

EU leaders will discuss the energy issue at a summit next week.&nbsp;

The European Commission has proposed that member states temporarily reduce taxes and levies to help lower energy bills for households and businesses.

In France, the government has pledged to block any further price increases for gas and electricity until April.

The German government will drastically lower a levy on electricity consumption from 2022 to help ease the burden on consumers as Europe battles soaring energy prices, grid operators announced Friday.

The German government will drastically lower a levy on electricity consumption from 2022 to help ease the burden on consumers as Europe battles soaring energy prices, grid operators announced Friday. The Renewable Energy Act (EEG) surcharge, used to fund the expansion of solar and wind plants, will fall by more than 40 percent to 3.723 cents ($0.043) per kilowatt hour from January 1, according to a statement by 50Herz Transmission, Amprion, TenneT TSO and TransnetBW. Also Read | What’s behind the energy crunch in Britain and Europe It is the largest reduction yet since the green levy was introduced in 2000 to help Europe's top economy transition away from fossil fuels towards cleaner energy sources. Economy Minister Peter Altmaier described the reduction as "good news for German consumers" and repeated a call for the EEG surcharge to be phased out "as soon as possible to relieve the current situation." The shortfall will be offset by higher government subsidies, partly thanks to a tax on carbon emissions introduced at the start of 2021. Germans already have the highest electricity bills in the European Union and as winter approaches, pressure is growing for the government to help mitigate a looming energy price crisis. Gas prices have surged in Europe in recent months as demand has soared with economies emerging from their Covid-induced restrictions. Stocks were also left low after a long, cold winter. Also Read | In EU, Finland lobbies to get nuclear energy labelled as sustainable source Wholesale natural gas prices, the lead indicator for overall energy prices in Europe, have more than tripled this year. Oil and coal prices have also jumped, fuelling fears over spiking inflation and rocketing energy bills. EU leaders will discuss the energy issue at a summit next week. The European Commission has proposed that member states temporarily reduce taxes and levies to help lower energy bills for households and businesses. In France, the government has pledged to block any further price increases for gas and electricity until April.

Germany cuts electricity levy as energy prices surge

The Sri Lankan government on Friday ended price controls on essential foods in a bid to end black market trading as food shortages worsen amid a foreign currency crisis.

The cabinet decided to free prices for milk powder, wheat flour, sugar and liquified petroleum gas hoping it would increase supplies.

"Prices could go up by as much as 37 per cent across the board, but it is hoped dealers will not make unconscionable profits," a trade ministry official told AFP.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-lifts-virus-lockdown-retains-night-curfew-417295">Sri Lanka lifts virus lockdown, retains night curfew</a>

A shortage of foreign currency caused by a pandemic recession has unleashed the shortages of food, medicines and other essential items for the island nation of 21 million people.

The government declared a state of emergency over the food shortages on August 31 and imposed rationing.&nbsp;

It forced farmers to sell their rice to a state agency and seized some from private warehouses. But the shortages worsened and last week authorities lifted controls on rice hoping to get supplies into markets.

Since then rice prices have risen by more than a third though people can buy as much as they want.

During rationing, state stores sold only one kilogramme (2.2 pounds) of rice for each person. Sugar and lentils were similarly rationed. Virtually all private traders withdrew from the market.

Central Bank governor Nivard Cabraal told reporters on Thursday that he had authorised some $50 million to get the release of containers of milk powder blocked in Colombo port for the past three months.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/sri-lanka-wont-be-allowed-to-be-used-for-any-activity-against-india-president-rajapaksa-418465">Sri Lanka won't be allowed to be used for any activity against India: President Rajapaksa</a>

With price controls removed from Friday, a kilo of imported milk powder was increased by more than a third to 1,300 rupees ($6.5), traders said. The price of gas is also due to go up by about 35 percent.

The Sri Lankan economy shrank by a record 3.6 per cent last year as the coronavirus pandemic brought a brutal halt to the key tourism industry.

The government banned imports of non-essential goods, including vehicles, spare parts and appliances in March 2020 because of currency shortages.&nbsp;

Sri Lanka was already suffering from heavy foreign debt repayments.&nbsp;

Sri Lanka's foreign reserves stood at $3.55 billion at the end of August. It has to repay about $2 billion in foreign debts before the end of the year.

Some analysts and opposition politicians say it may be forced to seek a bailout.

The Sri Lankan government on Friday ended price controls on essential foods in a bid to end black market trading as food shortages worsen amid a foreign currency crisis.

The Sri Lankan government on Friday ended price controls on essential foods in a bid to end black market trading as food shortages worsen amid a foreign currency crisis. The cabinet decided to free prices for milk powder, wheat flour, sugar and liquified petroleum gas hoping it would increase supplies. "Prices could go up by as much as 37 per cent across the board, but it is hoped dealers will not make unconscionable profits," a trade ministry official told AFP. Also Read | Sri Lanka lifts virus lockdown, retains night curfew A shortage of foreign currency caused by a pandemic recession has unleashed the shortages of food, medicines and other essential items for the island nation of 21 million people. The government declared a state of emergency over the food shortages on August 31 and imposed rationing. It forced farmers to sell their rice to a state agency and seized some from private warehouses. But the shortages worsened and last week authorities lifted controls on rice hoping to get supplies into markets. Since then rice prices have risen by more than a third though people can buy as much as they want. During rationing, state stores sold only one kilogramme (2.2 pounds) of rice for each person. Sugar and lentils were similarly rationed. Virtually all private traders withdrew from the market. Central Bank governor Nivard Cabraal told reporters on Thursday that he had authorised some $50 million to get the release of containers of milk powder blocked in Colombo port for the past three months. Also Read | Sri Lanka won't be allowed to be used for any activity against India: President Rajapaksa With price controls removed from Friday, a kilo of imported milk powder was increased by more than a third to 1,300 rupees ($6.5), traders said. The price of gas is also due to go up by about 35 percent. The Sri Lankan economy shrank by a record 3.6 per cent last year as the coronavirus pandemic brought a brutal halt to the key tourism industry. The government banned imports of non-essential goods, including vehicles, spare parts and appliances in March 2020 because of currency shortages. Sri Lanka was already suffering from heavy foreign debt repayments. Sri Lanka's foreign reserves stood at $3.55 billion at the end of August. It has to repay about $2 billion in foreign debts before the end of the year. Some analysts and opposition politicians say it may be forced to seek a bailout.

Sri Lanka allows sharp rise in food prices to ease shortages

The European Union said on Wednesday it would scrutinise its power market design and consider proposals to revamp EU regulation, as the bloc seeks to keep its plans to tackle climate change on track amid record-high energy costs.

European electricity and gas prices have rocketed higher this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic.

Soaring energy prices topped the EU's political agenda on Wednesday, with environment ministers and European Parliament each meeting to debate the issue, after EU country leaders discussed their response on Tuesday evening.

"There is no question that we need to take policy measures," EU energy commissioner Kadri Simson told the EU's parliament.

The crisis has divided countries over whether Brussels should intervene. The Commission will next week publish a menu of options for how governments and the EU could react.

Simson said the Commission would launch a study into whether the EU's power market was fit to deliver the bloc's planned transition to green energy. Spain and France have called for a revamp of EU electricity regulation to decouple the price of power from the cost of gas.

"We believe this framework is sound, but we see the challenges," Simson said.

Spanish Prime Minister Pedro Sanchez said he and other countries had asked Brussels to offer an "audacious" response.

"We need extraordinary, innovative measures&nbsp;we have asked for a joint purchase of gas," he said.

Not all countries are convinced. EU regulators expect gas market conditions to ease in spring and some governments say the issue is best treated with national subsidies and tax breaks to cushion consumers from high bills - measures many countries have rolled out.

"It's mainly something for the member states to address," Dutch Prime Minister Mark Rutte said.

"We should look at what Europe can do collectively. There are proposals - some wilder, others less wild."

The price spike has arrived as the EU prepares for a major upgrade of climate policies, stoking concerns among poorer central and eastern EU states that steps to increase the cost of polluting fuels could push more households into energy poverty.

Brussels is determined to ensure the price spike will not derail its plan to slash emissions and has proposed a multi-billion-euro fund to help poorer households invest in green options.

"Let's keep our eye on the ball. The problem here is the climate crisis," EU climate policy chief Frans Timmermans said. "The quicker we move towards renewable energy, the quicker we can protect our citizens against high prices."

The European Union said on Wednesday it would scrutinise its power market design and consider proposals to revamp EU regulation, as the bloc seeks to keep its plans to tackle climate change on track amid record-high energy costs.

The European Union said on Wednesday it would scrutinise its power market design and consider proposals to revamp EU regulation, as the bloc seeks to keep its plans to tackle climate change on track amid record-high energy costs. European electricity and gas prices have rocketed higher this year as tight gas supplies have collided with strong demand in economies recovering from the COVID-19 pandemic. Soaring energy prices topped the EU's political agenda on Wednesday, with environment ministers and European Parliament each meeting to debate the issue, after EU country leaders discussed their response on Tuesday evening. "There is no question that we need to take policy measures," EU energy commissioner Kadri Simson told the EU's parliament. The crisis has divided countries over whether Brussels should intervene. The Commission will next week publish a menu of options for how governments and the EU could react. Simson said the Commission would launch a study into whether the EU's power market was fit to deliver the bloc's planned transition to green energy. Spain and France have called for a revamp of EU electricity regulation to decouple the price of power from the cost of gas. "We believe this framework is sound, but we see the challenges," Simson said. Spanish Prime Minister Pedro Sanchez said he and other countries had asked Brussels to offer an "audacious" response. "We need extraordinary, innovative measures we have asked for a joint purchase of gas," he said. Not all countries are convinced. EU regulators expect gas market conditions to ease in spring and some governments say the issue is best treated with national subsidies and tax breaks to cushion consumers from high bills - measures many countries have rolled out. "It's mainly something for the member states to address," Dutch Prime Minister Mark Rutte said. "We should look at what Europe can do collectively. There are proposals - some wilder, others less wild." The price spike has arrived as the EU prepares for a major upgrade of climate policies, stoking concerns among poorer central and eastern EU states that steps to increase the cost of polluting fuels could push more households into energy poverty. Brussels is determined to ensure the price spike will not derail its plan to slash emissions and has proposed a multi-billion-euro fund to help poorer households invest in green options. "Let's keep our eye on the ball. The problem here is the climate crisis," EU climate policy chief Frans Timmermans said. "The quicker we move towards renewable energy, the quicker we can protect our citizens against high prices."

Soaring energy prices climb up EU's political agenda

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. 
 
Brent crude futures for August fell 38 cents, or 0.5%, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. US. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4%. 
 
Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. 
 
"The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he added. 
 
Data showing a 14.6% year-on-year drop in China's crude oil imports in May also weighed on prices. 
 
Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel. 
 
Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say. 
 
A slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal and a drop in US&nbsp;rig count also supported oil prices. 
 
Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. 
 
While the European Union envoy coordinating the negotiations had said he believed a deal would be struck at this week's talks, other senior diplomats have said the most difficult decisions still lie ahead. 
 
Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted. 
 
In the United States, the number of oil and natural gas rigs operating fell for the first time in six weeks as growth in drilling slowed. 
 
This "suggests that US&nbsp;oil drillers are less enthusiastic in adding more US&nbsp;oil production and hence reduces the risk of a supply glut in the global oil market in H2 2021," CMC Markets analyst Kelvin Wong said in emailed comments.

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. Brent crude futures for August fell 38 cents, or 0.5%, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. US. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4%. Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. "The primary concern is about Iranian barrels coming back into the market but I don't think there will be a deal before the Iranian presidential election," he added. Data showing a 14.6% year-on-year drop in China's crude oil imports in May also weighed on prices. Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe after governments loosened COVID-19 restrictions ahead of summer travel. Global oil demand is expected to exceed supplies in the second half despite a gradual easing of supply cuts by OPEC+ producers, analysts say. A slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal and a drop in US rig count also supported oil prices. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. While the European Union envoy coordinating the negotiations had said he believed a deal would be struck at this week's talks, other senior diplomats have said the most difficult decisions still lie ahead. Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted. In the United States, the number of oil and natural gas rigs operating fell for the first time in six weeks as growth in drilling slowed. This "suggests that US oil drillers are less enthusiastic in adding more US oil production and hence reduces the risk of a supply glut in the global oil market in H2 2021," CMC Markets analyst Kelvin Wong said in emailed comments.

Oil retreats as investors await Iran nuclear talks this week

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight. &nbsp;&nbsp;

At Rs 100, oil in India was reportedly the costliest in South Asia. The Sensex fell by more than 1,000 points today. Oil wasn't the only reason for the falling stocks, but it was a major reason. Investors were spooked by the soaring prices. &nbsp;&nbsp;

There are also reports of fuel smuggling. A tanker carrying more than 1,000 litres of oil was held in Nepal last week. That's when prices in Nepal were around Rs 70 a litre. &nbsp;

The irony is Nepal gets its oil supplies from India. So, the question is why are Indians paying so much for oil? &nbsp;

The short and simple answer is taxes. Our oil taxes are abominably high. The long answer is more complex, it includes global oil prices and international politics. &nbsp; &nbsp;

A year ago, oil prices had hit negative territory less than zero. It was at the height of the pandemic. Now, the demand has increased. &nbsp;

<a href="https://www.wionews.com/videos/gravitas-2-factors-are-dictating-how-much-you-spend-on-fuel-365528">WATCH|</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-2-factors-are-dictating-how-much-you-spend-on-fuel-365528/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Prices have shot up again. Where will they go from here? It depends on what oil producers decide and how the market responds. These two factors will dictate how much you pay for fuel. &nbsp; &nbsp;

Earlier this month, the price of oil recovered and returned to pre-pandemic levels. The lockdowns around the world had killed demand for oil. &nbsp;

Now, the world is out. So, the demand has revived and prices have gone up. &nbsp;

Right now, they are hovering around 60 dollars per barrel. Oil was selling at 20 dollars per barrel in April last year. So, the prices have tripled. &nbsp;

The brent-crude futures is the benchmark of the energy markets. It has risen by more than 50 per cent since October last year. It's proof of recovery. &nbsp;

The global prices are higher. So, a country like India, which imports more than 80 per cent of its fuel needs, must pay more to buy oil in the international market. &nbsp;

So far, so bad. What about the future? It depends on one meeting next month. The meeting of organisation of petroleum exporting countries (OPEC) and Russia. Together, they form a cartel and control the supply of oil into the global markets. &nbsp;

Now, this grouping has a problem as the two leading exporters, Saudi Arabia and Russia are at loggerheads with each other. One wants to increase supply, the other doesn't. &nbsp;

According to reports, Saudi Arabia does not want to increase oil supply and wants the prices to remain high. While Russia wants to increase supply. &nbsp; &nbsp;

It affects us. If Saudi Arabia has its way, supply will be limited but demand is increasing. So, prices will go up. If Russia has its way, supply will increase and there will be more oil in the market. So, prices could come down. &nbsp; &nbsp;

Reports say OPEC and its allies are withholding seven million barrels a day from the market. It's about seven per cent of the global supply. If all of this is released, global prices would fall, dramatically. But that isn't happening at the moment. &nbsp;

In recent months, some events have contributed to the jump in global prices. Saudi Arabia has cut production. In January, Riyadh decided to make an extra cut of one million barrels. It led to a spike in prices. &nbsp;

The winter storm in oil-rich Texas, US is another reason as the big freeze has knocked out 40 per cent of US's oil output. Production has been shut due to the icy weather for days now. Output has dropped by one to four million barrels per day. &nbsp;

The result of the shutdown was hike in oil prices. The global oil markets are nowhere close to a full recovery. But they have got a short-term boost.&nbsp;

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight.

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight. At Rs 100, oil in India was reportedly the costliest in South Asia. The Sensex fell by more than 1,000 points today. Oil wasn't the only reason for the falling stocks, but it was a major reason. Investors were spooked by the soaring prices. There are also reports of fuel smuggling. A tanker carrying more than 1,000 litres of oil was held in Nepal last week. That's when prices in Nepal were around Rs 70 a litre. The irony is Nepal gets its oil supplies from India. So, the question is why are Indians paying so much for oil? The short and simple answer is taxes. Our oil taxes are abominably high. The long answer is more complex, it includes global oil prices and international politics. A year ago, oil prices had hit negative territory less than zero. It was at the height of the pandemic. Now, the demand has increased. WATCH| Prices have shot up again. Where will they go from here? It depends on what oil producers decide and how the market responds. These two factors will dictate how much you pay for fuel. Earlier this month, the price of oil recovered and returned to pre-pandemic levels. The lockdowns around the world had killed demand for oil. Now, the world is out. So, the demand has revived and prices have gone up. Right now, they are hovering around 60 dollars per barrel. Oil was selling at 20 dollars per barrel in April last year. So, the prices have tripled. The brent-crude futures is the benchmark of the energy markets. It has risen by more than 50 per cent since October last year. It's proof of recovery. The global prices are higher. So, a country like India, which imports more than 80 per cent of its fuel needs, must pay more to buy oil in the international market. So far, so bad. What about the future? It depends on one meeting next month. The meeting of organisation of petroleum exporting countries (OPEC) and Russia. Together, they form a cartel and control the supply of oil into the global markets. Now, this grouping has a problem as the two leading exporters, Saudi Arabia and Russia are at loggerheads with each other. One wants to increase supply, the other doesn't. According to reports, Saudi Arabia does not want to increase oil supply and wants the prices to remain high. While Russia wants to increase supply. It affects us. If Saudi Arabia has its way, supply will be limited but demand is increasing. So, prices will go up. If Russia has its way, supply will increase and there will be more oil in the market. So, prices could come down. Reports say OPEC and its allies are withholding seven million barrels a day from the market. It's about seven per cent of the global supply. If all of this is released, global prices would fall, dramatically. But that isn't happening at the moment. In recent months, some events have contributed to the jump in global prices. Saudi Arabia has cut production. In January, Riyadh decided to make an extra cut of one million barrels. It led to a spike in prices. The winter storm in oil-rich Texas, US is another reason as the big freeze has knocked out 40 per cent of US's oil output. Production has been shut due to the icy weather for days now. Output has dropped by one to four million barrels per day. The result of the shutdown was hike in oil prices. The global oil markets are nowhere close to a full recovery. But they have got a short-term boost.

What led to hike in fuel prices?

More than 9 billion doses of vaccine for the Wuhan virus have already been bought. Who has the bulk of the supply? How much do the shots cost? Molly Gambhir has the details.

Gravitas: More than 9 billion vaccine doses have already been bought 

Indonesia's anti-trust agency has found seven airlines guilty of hurting consumers by lifting airfares at the same time last year, but the carriers were not found to be acting as a cartel, the agency said in a statement late on Tuesday.

Rising air ticket prices in 2019 triggered inflationary pressures in Southeast Asia's largest economy and impacted the hospitality business across the archipelago.

You might also like:&nbsp;<a href="/world/coronavirus-indonesia-reports-847-new-cases-taking-the-toll-to-32033-304237" hreflang="en">Coronavirus: Indonesia reports 847 new cases taking the toll to 32,033</a>

The agency, known by its&nbsp;Indonesian abbreviation KPPU, found Garuda&nbsp;Indonesia, its unit Citilink, rival Lion Group's Lion Air, Wings Air and Batik Air, as well as Sriwijaya Air and its subsidiary NAM Air guilty of "concerted action or parallelism", which means they followed one another's moves in setting prices and discounts.

They were ordered to report to the KPPU whenever they plan to raise ticket prices, the agency said, but were not fined even though they violated anti-monopoly rules.&nbsp;

Also read:&nbsp;<a href="/world/volcanic-eruption-at-indonesias-mount-merapi-sends-ash-6-km-high-307520" hreflang="en">Volcanic eruption at Indonesia's Mount Merapi sends ash 6 km high</a>

KPPU said it had taken into consideration the already tough trading environment for airlines created by the COVID-19 pandemic when it made its ruling.

The airline industry is controlled by a tight oligopoly, with the seven carriers holding a 95% share of the market, KPPU said, recommending that authorities create rules to let more players enter the sector.&nbsp;

Garuda said in a statement on Wednesday it respected KPPU's ruling and would adhere to principles and provisions of healthy business competition.

Lion Air Group had never worked with an external party to set its ticket prices and it had complied with the aviation regulator's pricing rules, it said in a statement.

Sriwijaya Air did not respond to request for comment.

Indonesia's anti-trust agency has found seven airlines guilty of hurting consumers by lifting airfares at the same time last year, but the carriers were not found to be acting as a cartel, the agency said in a statement late on Tuesday.

Indonesia's anti-trust agency has found seven airlines guilty of hurting consumers by lifting airfares at the same time last year, but the carriers were not found to be acting as a cartel, the agency said in a statement late on Tuesday. Rising air ticket prices in 2019 triggered inflationary pressures in Southeast Asia's largest economy and impacted the hospitality business across the archipelago. You might also like: Coronavirus: Indonesia reports 847 new cases taking the toll to 32,033 The agency, known by its Indonesian abbreviation KPPU, found Garuda Indonesia, its unit Citilink, rival Lion Group's Lion Air, Wings Air and Batik Air, as well as Sriwijaya Air and its subsidiary NAM Air guilty of "concerted action or parallelism", which means they followed one another's moves in setting prices and discounts. They were ordered to report to the KPPU whenever they plan to raise ticket prices, the agency said, but were not fined even though they violated anti-monopoly rules. Also read: Volcanic eruption at Indonesia's Mount Merapi sends ash 6 km high KPPU said it had taken into consideration the already tough trading environment for airlines created by the COVID-19 pandemic when it made its ruling. The airline industry is controlled by a tight oligopoly, with the seven carriers holding a 95% share of the market, KPPU said, recommending that authorities create rules to let more players enter the sector. Garuda said in a statement on Wednesday it respected KPPU's ruling and would adhere to principles and provisions of healthy business competition. Lion Air Group had never worked with an external party to set its ticket prices and it had complied with the aviation regulator's pricing rules, it said in a statement. Sriwijaya Air did not respond to request for comment.

Indonesia anti-trust agency finds seven airlines guilty over ticket prices

The prices of wine may decrease very soon, owing to the surplus of California grapes, CNN reported.

Wine sales could hit its lowest figure in five years.

There is less demand now than ever before, with prices expected to stay low for over three years.

The founder of Silicon Valley Bank's Wine Division, Rob McMillan told CNN that he thinks that consumers would get best retail values in 20 years.

As technology and efficiency in terms of harvesting methods keep improving, the harvest of grapes has reaped in better harvests.

However, this mode of operation leads to a lot of wastage, for extra grapes rot and are discarded.

<img alt="pppp" data-entity-type="file" data-entity-uuid="a9ec91c0-67b0-4a07-8c7f-d6771950eb09" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%282%29_70.jpg" />

However, grapes may reach secondary markets, for instance, they may be used in the production of brandy or simply as a grape concentrate. Jeff Bitter, the President of Allied Grape Powers told CNN that he doesn't think that these alternative secondary markets provide positive returns.

"The main cause of oversupply today is the culmination of a few years of slowing wine shipment growth, with an ample 2018 wine grape crop as an exclamation point," Bitter told CNN.

"Until 2015, wine shipments had grown, almost predictively, for two decades. The slowdown in growth has caught the industry by surprise'', he added.

"Since it takes up to five years to bring wine to market from the initial planning stages of planting a vineyard, it makes hitting future demand very complicated. In this case, we overshot demand."

To restore balance in the market, growers in California will need to limit the production of vines, and grapes.

<img alt="ooo" data-entity-type="file" data-entity-uuid="f6d95e11-c34f-4477-ba2f-1c218295ab15" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design_74.jpg" />

"With flattening consumer demand for wine, unless vineyard acres are removed, balance will be difficult to find," McMillan told CNN.&nbsp;

"Balance will first be found in Napa, followed by other premium regions in California. It will take at least 2-3 years for grape pricing to stabilise."

Consumption of wine in the United States witnessed its first drop in 25 years, as people are increasingly turning to hard liquor and cocktails, reported IWSR.

"The industry should rightly be concerned," McMillan said. "We aren't engaging with the millennial consumer, and boomers who have driven wine sales for the last 30 years won't live forever."

It's possible that millennials prefer other drinks over wine. However, the improved value of wine could improve the consumption of wine. 
&nbsp;

The prices of wine may decrease very soon, owing to the surplus of California grapes, CNN reported. Wine sales could hit its lowest figure in five years. There is less demand now than ever before, with prices expected to stay low for over three years.

The prices of wine may decrease very soon, owing to the surplus of California grapes, CNN reported. Wine sales could hit its lowest figure in five years. There is less demand now than ever before, with prices expected to stay low for over three years. The founder of Silicon Valley Bank's Wine Division, Rob McMillan told CNN that he thinks that consumers would get best retail values in 20 years. As technology and efficiency in terms of harvesting methods keep improving, the harvest of grapes has reaped in better harvests. However, this mode of operation leads to a lot of wastage, for extra grapes rot and are discarded. However, grapes may reach secondary markets, for instance, they may be used in the production of brandy or simply as a grape concentrate. Jeff Bitter, the President of Allied Grape Powers told CNN that he doesn't think that these alternative secondary markets provide positive returns. "The main cause of oversupply today is the culmination of a few years of slowing wine shipment growth, with an ample 2018 wine grape crop as an exclamation point," Bitter told CNN. "Until 2015, wine shipments had grown, almost predictively, for two decades. The slowdown in growth has caught the industry by surprise'', he added. "Since it takes up to five years to bring wine to market from the initial planning stages of planting a vineyard, it makes hitting future demand very complicated. In this case, we overshot demand." To restore balance in the market, growers in California will need to limit the production of vines, and grapes. "With flattening consumer demand for wine, unless vineyard acres are removed, balance will be difficult to find," McMillan told CNN. "Balance will first be found in Napa, followed by other premium regions in California. It will take at least 2-3 years for grape pricing to stabilise." Consumption of wine in the United States witnessed its first drop in 25 years, as people are increasingly turning to hard liquor and cocktails, reported IWSR. "The industry should rightly be concerned," McMillan said. "We aren't engaging with the millennial consumer, and boomers who have driven wine sales for the last 30 years won't live forever." It's possible that millennials prefer other drinks over wine. However, the improved value of wine could improve the consumption of wine.

Grape surplus triggers freefall in wine prices

<a href="https://www.wionews.com/business-economy/sensex-nifty-rise-ahead-of-inflation-data-infosys-drops-255739">India's retail inflation rose close to the central bank's medium-term target of 4 per cent&nbsp;in September</a> for the first time in 14 months, but analysts still predict a sharp economic slowdown will prompt a sixth consecutive interest rate cut in December.

Annual retail inflation rose to 3.99 per cent&nbsp;last month, driven by higher food prices, up sharply compared with 3.21 per cent&nbsp;in the previous month and higher than the 3.70 per cent&nbsp;forecast in a Reuters poll of analysts.

Retail food prices, which make up nearly half of India's inflation basket, increased 5.11 per cent&nbsp;in September from a year earlier, compared with 2.99 per cent&nbsp;in August.

Subdued inflation and an economic slowdown have allowed the Reserve Bank of India (RBI) to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut earlier this month, making it the most aggressive central bank in Asia.

The RBI said it expected inflation to stay below its medium-term target through to the early months of the 2020-21 fiscal year, while lowering its economic growth forecast to 6.1 per cent&nbsp;for the current year ending March 2020, from an earlier estimate of 6.9 per cent.

<a href="https://www.wionews.com/business-economy/indias-inflation-surged-in-september-but-wont-bring-tears-to-rbi-report-254884">Economists said economic growth could fall as low as 5.8 per cent</a>, dragged down by a slump in consumer demand and investment, encouraging the RBI to cut rates for the sixth consecutive time at its next meeting in December.

Garima Kapoor, economist and vice-president at Elara Capital, said the arrival of the new crop in the market could ease food prices and so calm inflation, providing the RBI with the headroom to cut rates further.

"We expect the MPC (Monetary Policy Committee) to cut the policy repo rate by another 50 basis points until March-2020 with 25 basis points cut in December," she said, referring to the central bank's benchmark interest rate.

Separately, figures released on Friday showed industrial output shrank 1.1 per cent&nbsp;in August, the worst performance in nearly seven years.

Annual wholesale price-based inflation eased to 0.33 per cent&nbsp;in September, from 1.08 per cent&nbsp;in the previous month, while economists in a separate Reuters poll said the central bank was not yet done with rate cuts.

<a href="https://www.wionews.com/business-economy/inflation-under-control-clear-sign-of-revival-of-industrial-production-sitharaman-249667">India's unemployment rate was 7.16 per cent&nbsp;in September, compared with 6.47 per cent&nbsp;a year ago</a> and 8.2 per cent&nbsp;in the previous month, estimates from the Centre for Monitoring Indian Economy, a Mumbai-based think-tank, showed.

The next decision from the RBI's monetary policy committee (MPC) is due on December&nbsp;5.

India's passenger vehicle sales slumped 23.7 per cent&nbsp;in September, the 11th straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon.

"All high-frequency indicators of demand indicate soft demand conditions," Kapoor said.

India's retail inflation rose close to the central bank's medium-term target of 4 per cent in September for the first time in 14 months, but analysts still predict a sharp economic slowdown will prompt a sixth consecutive interest rate cut in December.

India's retail inflation rose close to the central bank's medium-term target of 4 per cent in September for the first time in 14 months, but analysts still predict a sharp economic slowdown will prompt a sixth consecutive interest rate cut in December. Annual retail inflation rose to 3.99 per cent last month, driven by higher food prices, up sharply compared with 3.21 per cent in the previous month and higher than the 3.70 per cent forecast in a Reuters poll of analysts. Retail food prices, which make up nearly half of India's inflation basket, increased 5.11 per cent in September from a year earlier, compared with 2.99 per cent in August. Subdued inflation and an economic slowdown have allowed the Reserve Bank of India (RBI) to cut interest rates by a total of 135 basis points this year, including a 25-basis-point cut earlier this month, making it the most aggressive central bank in Asia. The RBI said it expected inflation to stay below its medium-term target through to the early months of the 2020-21 fiscal year, while lowering its economic growth forecast to 6.1 per cent for the current year ending March 2020, from an earlier estimate of 6.9 per cent. Economists said economic growth could fall as low as 5.8 per cent, dragged down by a slump in consumer demand and investment, encouraging the RBI to cut rates for the sixth consecutive time at its next meeting in December. Garima Kapoor, economist and vice-president at Elara Capital, said the arrival of the new crop in the market could ease food prices and so calm inflation, providing the RBI with the headroom to cut rates further. "We expect the MPC (Monetary Policy Committee) to cut the policy repo rate by another 50 basis points until March-2020 with 25 basis points cut in December," she said, referring to the central bank's benchmark interest rate. Separately, figures released on Friday showed industrial output shrank 1.1 per cent in August, the worst performance in nearly seven years. Annual wholesale price-based inflation eased to 0.33 per cent in September, from 1.08 per cent in the previous month, while economists in a separate Reuters poll said the central bank was not yet done with rate cuts. India's unemployment rate was 7.16 per cent in September, compared with 6.47 per cent a year ago and 8.2 per cent in the previous month, estimates from the Centre for Monitoring Indian Economy, a Mumbai-based think-tank, showed. The next decision from the RBI's monetary policy committee (MPC) is due on December 5. India's passenger vehicle sales slumped 23.7 per cent in September, the 11th straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon. "All high-frequency indicators of demand indicate soft demand conditions," Kapoor said.

India's retail inflation surges for first time in 14 months, rate cut hopes still high

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months.

Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent.

Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze.

On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect.

"Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement.

DISPUTED DECISION

The decision to lift the sanctions, imposed by the US&nbsp;Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions.

Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo.

Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies.

Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies.

But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control.

That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions.

It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements.

Deripaska himself remains subject to US sanctions.

CHANGES IN RUSAL, En+

After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions.

Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors.

"The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement.

These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said.

In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+.

Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao.

They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked.

Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them. The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months. Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent. Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze. On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect. "Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement. DISPUTED DECISION The decision to lift the sanctions, imposed by the US Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions. Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo. Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies. Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies. But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control. That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions. It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements. Deripaska himself remains subject to US sanctions. CHANGES IN RUSAL, En+ After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions. Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors. "The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement. These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said. In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+. Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao. They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked. Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

Rusal shares soar, aluminium falls as US lifts sanctions

The price of petrol in Delhi increased by 19 paise per litre on Saturday while that of diesel by 29 paise.

Petrol price was revised to Rs 69.26 per litre in Delhi and Rs 74.91 per litre in Mumbai.

With an increase of 29 paise and 31 paise in Delhi and Mumbai respectively, diesel prices were revised to Rs 63.10 and Rs 66.04 per litre.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Petrol and diesel prices at Rs 69.26/litre (increase by Rs 0.19) &amp; Rs 63.10/litre (increase by Rs 0.29) respectively in Delhi. Petrol and diesel prices at Rs 74.91/litre (increase by Rs 0.19) &amp; Rs 66.04/litre (increase by Rs 0.31) respectively in Mumbai. <a href="https://t.co/ieNTgOae33">pic.twitter.com/ieNTgOae33</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1083899735860076544?ref_src=twsrc%5Etfw">January 12, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

On Friday, petrol was available at Rs 69.07 per litre in Delhi and Rs 74.72 per litre in Mumbai. While diesel was available for Rs 62.81 per litre in Delhi and Rs 65.73 per litre in Mumbai.

Rates vary from state to state depending on the rate of local sales tax or VAT.

Prior to this fourth increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. This followed a decline in rates on almost all days since October 18, 2018.

In all, the petrol price has fallen by Rs 14.54 per litre since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August. Diesel price has declined by Rs 13.53 per litre in two and a half months.&nbsp;

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The prices also reduced due to the falling international prices and the appreciation of the money.

(With inputs from PTI)

The price of petrol in Delhi increased by 19 paise per litre on Saturday while that of diesel by 29 paise. Petrol price was revised to Rs 69.26 per litre in Delhi and Rs 74.

The price of petrol in Delhi increased by 19 paise per litre on Saturday while that of diesel by 29 paise. Petrol price was revised to Rs 69.26 per litre in Delhi and Rs 74.91 per litre in Mumbai. With an increase of 29 paise and 31 paise in Delhi and Mumbai respectively, diesel prices were revised to Rs 63.10 and Rs 66.04 per litre. Petrol and diesel prices at Rs 69.26/litre (increase by Rs 0.19) & Rs 63.10/litre (increase by Rs 0.29) respectively in Delhi. Petrol and diesel prices at Rs 74.91/litre (increase by Rs 0.19) & Rs 66.04/litre (increase by Rs 0.31) respectively in Mumbai. pic.twitter.com/ieNTgOae33 — ANI (@ANI) January 12, 2019 × On Friday, petrol was available at Rs 69.07 per litre in Delhi and Rs 74.72 per litre in Mumbai. While diesel was available for Rs 62.81 per litre in Delhi and Rs 65.73 per litre in Mumbai. Rates vary from state to state depending on the rate of local sales tax or VAT. Prior to this fourth increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. This followed a decline in rates on almost all days since October 18, 2018. In all, the petrol price has fallen by Rs 14.54 per litre since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August. Diesel price has declined by Rs 13.53 per litre in two and a half months. Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16. After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. The prices also reduced due to the falling international prices and the appreciation of the money. (With inputs from PTI)

Petrol price hiked by 19 paise, diesel by 29 paise in Delhi

Oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut.

Hints of progress on a possible US-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook.

Brent crude futures - the international benchmark for oil prices - rose 42 cents, or 0.per cent, to $53.63 a barrel by 0250 GMT. Brent declined nearly 20 per cent in 2018 following two years of growth.&nbsp;

US West Texas Intermediate (WTI) crude futures were at $45.65 a barrel, up 32 cents, or 0.7per cent, from their last close. WTI is down about 24 per cent this year.

Crude prices have been closely tracking equity markets during volatile trading for both asset classes last week.&nbsp;

"Investors are looking for bargains in an illiquid market (today)... If Trump gets over trade issues with China expect economic demand to surge," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.

US President Donald Trump said he had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well.

"China is still the best bet for global economic growth. Anything that severely pinches China will inevitably hurt global growth and, as a consequence, oil consumption," said Sukrit Vijayakar, director of energy consultancy Trifecta.

The current downward pressure on oil prices should likely taper off from January, when OPEC-led supply cuts commence, analysts said.

Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million barrels per day starting in January to clear a supply overhang and prop up prices.

The group of producers "may hold out on supplies longer than reasonable in order to see if they can effect a rally similar to September-October this year," Vijayakar said.

Meanwhile, imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as US sanctions on Iran`s oil exports took effect last month.

Asia`s imports from Iran are set to rise again in December after the US granted temporary waivers to some countries, but is not known how much Iran will be able to export once the waivers expire around the start of May.

"We postulate for a gentle recovery for oil prices into the first quarter of 2019 though marked volatility can snap oil prices south in lieu of market uncertainties and key events such as Brexit, US-China trade truce deal, US monetary policy, US-Iran sanctions," said Benjamin Lu Jiaxuan, commodities analyst at Singapore-based brokerage firm Phillip Futures.

Energy companies in the United States, currently the world`s biggest oil producer, added two oil drilling rigs in the week to December 28, General Electric Co`s Baker Hughes unit said on Friday. That was up from 747 a year ago. The rig count is used as an indicator for future output.

Oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut.

Oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut. Hints of progress on a possible US-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook. Brent crude futures - the international benchmark for oil prices - rose 42 cents, or 0.per cent, to $53.63 a barrel by 0250 GMT. Brent declined nearly 20 per cent in 2018 following two years of growth. US West Texas Intermediate (WTI) crude futures were at $45.65 a barrel, up 32 cents, or 0.7per cent, from their last close. WTI is down about 24 per cent this year. Crude prices have been closely tracking equity markets during volatile trading for both asset classes last week. "Investors are looking for bargains in an illiquid market (today)... If Trump gets over trade issues with China expect economic demand to surge," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney. US President Donald Trump said he had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well. "China is still the best bet for global economic growth. Anything that severely pinches China will inevitably hurt global growth and, as a consequence, oil consumption," said Sukrit Vijayakar, director of energy consultancy Trifecta. The current downward pressure on oil prices should likely taper off from January, when OPEC-led supply cuts commence, analysts said. Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million barrels per day starting in January to clear a supply overhang and prop up prices. The group of producers "may hold out on supplies longer than reasonable in order to see if they can effect a rally similar to September-October this year," Vijayakar said. Meanwhile, imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as US sanctions on Iran`s oil exports took effect last month. Asia`s imports from Iran are set to rise again in December after the US granted temporary waivers to some countries, but is not known how much Iran will be able to export once the waivers expire around the start of May. "We postulate for a gentle recovery for oil prices into the first quarter of 2019 though marked volatility can snap oil prices south in lieu of market uncertainties and key events such as Brexit, US-China trade truce deal, US monetary policy, US-Iran sanctions," said Benjamin Lu Jiaxuan, commodities analyst at Singapore-based brokerage firm Phillip Futures. Energy companies in the United States, currently the world`s biggest oil producer, added two oil drilling rigs in the week to December 28, General Electric Co`s Baker Hughes unit said on Friday. That was up from 747 a year ago. The rig count is used as an indicator for future output.

Oil prices set for first annual decline since 2015

A day after farmers in the country went on <a href="http://www.wionews.com/india-news/farmers-begin-10-day-nationwide-strike-say-will-not-sell-produce-in-cities-141609">strike</a>, the prices of fruits and vegetables have reportedly shot up.&nbsp;

ANI reported vendors at Delhi's Okhla mandi as saying prices had risen.

PTI added that the arrival of vegetables at various market committees and the collection of milk in Maharashtra's Nashik district had also been affected.

"All milk dairies in the (Nashik) district are closed and collection centres for milk has been affected. Agitating farmers poured milk on the roads at Visapur in Yeola taluka in the morning today. Arrival of vegetables at APMC is also low," PTI quoted Raju Desale, working president of the All India Kisan Sabha, as saying.

The farmers began their 10-day strike — called Gaon Bandh — on Friday, saying they would not transport their produce to the cities. The farmers have also threatened a Bharat Bandh on the last day of their strike, June 10.&nbsp;

The farmers are demanding a waiver of their loans, implementation of the Swaminathan Commission report, and a minimum income guarantee scheme.&nbsp;

Farmers were seen in Punjab and Maharashtra dumping fruit, vegetables, and milk on the streets.&nbsp;

PTI reported that farmer organisations have called for a boycott of mandis&nbsp;in Punjab, Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh and Mahrashtra, but that Rashtriya Kisan Mazdoor Mahasangh convenor Shivkumar Sharma claimed in Bhopal that the farmer strike is being observed across 22 states.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/Delhi?src=hash&ref_src=twsrc%5Etfw">#Delhi</a>: Vendors at Okhla vegetable market say prices have shot up due to country-wide farmers' protest. <a href="https://t.co/beS3IxBN9L">pic.twitter.com/beS3IxBN9L</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1002759175087067136?ref_src=twsrc%5Etfw">June 2, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Meanwhile, despite photographic evidence to the contrary, a number of politicians on Saturday continued to say there was no farmer strike taking place in the country.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Madhya Pradesh: Farmers in Mandsaur on 10-day 'Kisan Avkash' strike prepared 'Kheer' and distributed it among villagers. The farmers during the ten-day strike are not supplying vegetables, fruits, grains and milk to cities. (01.06.2018) <a href="https://t.co/c9aCnb4zKf">pic.twitter.com/c9aCnb4zKf</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1002833759014551553?ref_src=twsrc%5Etfw">June 2, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Its 2nd June today,where is the strike happening? No farmers are participating in the strike. Farmers are happy with the schemes CM has launched for them.They have faith that state¢ral govt will solve their problems: Balkrishna Patidar, Madhya Pradesh minister for Agriculture <a href="https://t.co/EKmKVowGAJ">pic.twitter.com/EKmKVowGAJ</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1002783290024067073?ref_src=twsrc%5Etfw">June 2, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/WATCH?src=hash&ref_src=twsrc%5Etfw">#WATCH</a>: Haryana CM Manohar Lal Khattar speaks on farmers' strike, says, 'they don't have any issues, they are just focusing on unnecessary things, not selling produce will bring losses to farmers.' (01.06.2018) <a href="https://t.co/CFY7dzgj2g">pic.twitter.com/CFY7dzgj2g</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1002773802013503488?ref_src=twsrc%5Etfw">June 2, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Wholesalers at Delhi's Okhla mandi said prices had risen. PTI reported that the arrival of vegetables at various market committees and the collection of milk in Maharashtra's Nashik district had also been affected

A day after farmers in the country went on strike, the prices of fruits and vegetables have reportedly shot up. ANI reported vendors at Delhi's Okhla mandi as saying prices had risen. PTI added that the arrival of vegetables at various market committees and the collection of milk in Maharashtra's Nashik district had also been affected. "All milk dairies in the (Nashik) district are closed and collection centres for milk has been affected. Agitating farmers poured milk on the roads at Visapur in Yeola taluka in the morning today. Arrival of vegetables at APMC is also low," PTI quoted Raju Desale, working president of the All India Kisan Sabha, as saying. The farmers began their 10-day strike — called Gaon Bandh — on Friday, saying they would not transport their produce to the cities. The farmers have also threatened a Bharat Bandh on the last day of their strike, June 10. The farmers are demanding a waiver of their loans, implementation of the Swaminathan Commission report, and a minimum income guarantee scheme. Farmers were seen in Punjab and Maharashtra dumping fruit, vegetables, and milk on the streets. PTI reported that farmer organisations have called for a boycott of mandis in Punjab, Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh and Mahrashtra, but that Rashtriya Kisan Mazdoor Mahasangh convenor Shivkumar Sharma claimed in Bhopal that the farmer strike is being observed across 22 states. #Delhi: Vendors at Okhla vegetable market say prices have shot up due to country-wide farmers' protest. pic.twitter.com/beS3IxBN9L — ANI (@ANI) June 2, 2018 × Meanwhile, despite photographic evidence to the contrary, a number of politicians on Saturday continued to say there was no farmer strike taking place in the country. Madhya Pradesh: Farmers in Mandsaur on 10-day 'Kisan Avkash' strike prepared 'Kheer' and distributed it among villagers. The farmers during the ten-day strike are not supplying vegetables, fruits, grains and milk to cities. (01.06.2018) pic.twitter.com/c9aCnb4zKf — ANI (@ANI) June 2, 2018 × Its 2nd June today,where is the strike happening? No farmers are participating in the strike. Farmers are happy with the schemes CM has launched for them.They have faith that state¢ral govt will solve their problems: Balkrishna Patidar, Madhya Pradesh minister for Agriculture pic.twitter.com/EKmKVowGAJ — ANI (@ANI) June 2, 2018 × #WATCH: Haryana CM Manohar Lal Khattar speaks on farmers' strike, says, 'they don't have any issues, they are just focusing on unnecessary things, not selling produce will bring losses to farmers.' (01.06.2018) pic.twitter.com/CFY7dzgj2g — ANI (@ANI) June 2, 2018 ×

Day after country's farmers go on strike, fruit & vegetable prices shoot up

prices

Prices, News on Prices, stories on Prices, articles on Prices, Prices stories at Wion, Prices news, Prices latest news