Fuel Prices

The IEA reports that oil demand is expected to fall by 1.6 million barrels per day in 2026. This predicted decline stems from high fuel prices and disruptions occurring in the Strait of Hormuz, factors which are currently squeezing the global economy.

The refining crunch is keeping fuel prices high as crude retreats. Lost capacity in Russia and the Gulf benefits US refiners, but this situation presents a political problem for Donald Trump.

While crude oil is retreating, overall fuel prices remain elevated according to reports. This dynamic means that US refineries are currently cashing in, while consumers face increasing costs for diesel and petrol.

Goldman Sachs warns that disruptions to Russian fuel exports and the US-Iran war are tightening diesel supplies, raising concerns about global refining capacity and fuel prices.

Peru's fuel prices fell 4.4% in July 2023, but transport costs remain 14.30% higher compared to the same period last year. Annual inflation rose to 4.07% through July.

ExxonMobil and Chevron warn that fuel prices will remain high despite falling oil prices due to global refining capacity shortages caused by wars in Russia, the Middle East, and China’s export ban. Refineries operating at full capacity cannot meet demand, leading to record fuel-making margins and sustained price increases for consumers.

Major oil companies in the U.S. earned significant profits as tensions between the U.S. and Iran disrupted petroleum shipments, leading to higher fuel prices and shortages globally.

Fuel prices are rising amid the new phase of the Hormuz crisis, but the US Strategic Petroleum Reserve may not be used to alleviate the situation.

The war in Iran has caused global disruptions, affecting oil markets, fuel prices, and everyday life in seven countries. Personal stories highlight struggles with poverty and economic strain, including a father in the Philippines using laundry soap for bathing and a family in the U.S. relying on food pantries due to rising costs.

PTI criticized the government for allocating Rs1.8 billion in special allowances to top bureaucrats while fuel prices rose sharply, accusing officials of favoring elites over ordinary citizens. The party demanded policy rollbacks, transparency in wheat stock discrepancies, and audits of Sindh's public service exams and Azad Kashmir's election practices.

Fuel prices in Uganda oscillated between 6,300 shillings (1.68 dollars) and 6,700 shillings per litre for petrol and diesel in the second quarter of 2026, contributing to high average prices of goods and services. These fluctuations threaten the Central Bank's inflation target.

Fuel prices are set to reach £100 again, causing financial strain on drivers during the summer, as pump prices surge due to escalating conflict linked to a potential new high related to the Iran war.

Global oil prices crossed $100 a barrel as an Iran war caused fuel prices to surge. Oil prices increased by more than 6% on Thursday.

Global oil prices surpassed $100 a barrel, surging more than 6% as tensions linked to an Iran war drove fuel prices upward.

Global oil prices exceeded $100 a barrel due to the Iran war, leading to a more than 6% surge in prices.

Global oil prices exceeded $100 per barrel, surging more than 6% due to the Iran war driving up fuel costs.

Easyjet, a takeover target, experienced a decline in profits due to rising fuel prices. The company's financial performance was significantly impacted by increased operational costs.

US oil refineries are operating at high speeds due to wars disrupting fuel supplies, increasing the risk of outages. Fuel prices have already risen sharply amid these challenges.

Inflation has decreased to 2.6 per cent due to falling fuel prices, but is expected to rise next month following the resumption of the US-Iran war. The drop in fuel prices contributed to the easing of inflation, while renewed conflict between the US and Iran is projected to drive it higher.

New Zealand’s annual inflation accelerated to the fastest pace in more than two years, driven by soaring fuel prices. This development strengthens the case for the Reserve Bank to implement consecutive interest-rate increases.

Abra Group has postponed its planned New York initial public offering due to market volatility caused by the Middle East conflict and rising fuel prices. The UK-based holding company owns Brazil’s Gol.

Inflation in Mexico fell to 3.37% in June 2026, the lowest level in over five years, driven by declining agricultural and fuel prices. This marks the third consecutive monthly decline, with core inflation also decreasing to 4.03%. Analysts attribute the drop to supply normalization and government-producer price agreements.

Fuel prices are beginning to increase again, with the article highlighting locations where petrol and diesel remain the cheapest. The focus is on current pricing trends and regional cost comparisons.

Ukraine's inflation slowed to 7.2% year-on-year in June as consumer prices fell 0.1% month-on-month, but core inflation increased to 8.1% and fuel prices remained 33.4% higher than a year ago. The State Statistics Service reported the data, with Kyiv Post analyzing the June 2026 price trends.

Three in ten new cars are electric, with rising fuel prices driving increased demand for plug-in vehicles.

The National Energy Fund in Namibia has nearly been depleted after the government spent N$1.3 billion over two months to protect motorists from rising fuel prices.

Chinese electric vehicle (EV) brands like BYD are gaining attention in South Korea's import car market as consumers seek affordable alternatives to domestic models amid rising fuel prices. A South Korean office worker, Choi, cited high domestic EV costs and fuel price increases as reasons for considering Chinese brands.

Kharge accuses the Centre of 'looting' the public due to high fuel prices despite a decline in global crude oil rates. He claims the public is being used by the BJP government to extract taxes and boost collections.

Eight individuals were arrested in connection with an alleged embezzlement scandal involving donations for the Ram temple. The article also highlights a standoff between Nihang Sikhs and police in Uttarakhand, the release of names of servicemen who died during Operation Sindoor, and updates on Venezuela’s earthquake death toll, fuel price revisions, Apple product price hikes, and FIFA highlights.

A federal lawsuit accuses gas station operators in California of using AI-powered software to illegally collude and raise fuel prices. The case alleges that the AI technology facilitated price manipulation in the state.

Australia's underlying inflation rose to 3.6% annually, driven by factors beyond falling fuel prices, prompting economists to warn that further Reserve Bank rate hikes remain likely. Annual inflation fell to 4% in May due to a 12% drop in fuel prices, but trimmed mean inflation increased, signaling ongoing economic challenges.

High oil prices have led to a surge in Chinese electric vehicle sales, but charging networks are struggling to keep up. The war in Iran has influenced the global EV market, allowing Chinese automakers to expand in the developing world as fuel prices rise.

Private bus operators in Kerala are meeting the Chief Minister to address revenue losses caused by free KSRTC travel and rising fuel prices since the last fare revision in 2022.

Morocco's upper house rejected bills to cap fuel prices and nationalise the Samir refinery. Billionaire PM Aziz Akhannouch opposed the measures, which aim to address fuel costs he profits from.

South Africa's consumer inflation rate increased to 4.5% in May 2026, up from 4.0% in April, marking the highest annual rate since July 2024. The rise is attributed to a fuel price surge.

Chile's central bank reduced its 2026 economic growth forecast to 1.0%-1.75% due to weak first-quarter performance in copper mining, farming, and fishing, along with declining summer tourism. The bank also cited softer fuel prices as a contributing factor.

GasBuddy discusses recent changes in fuel prices and potential relief for drivers. Patrick De Haan joins Ronia to analyze the situation and provide insights.

US fuel prices will remain elevated for months following a US-Iran deal to end the war, as producers require time to increase output and port bottlenecks, combined with higher demand, sustain elevated prices.

Inflation in Maryland reached 4.2% annually in May, driven by rising fuel prices and global energy market disruptions, making it harder for families to afford essentials like food and utilities. Energy costs, including gasoline and fuel oil, increased significantly, with gas prices up over 40% nationally. Aid organizations report increased demand for assistance as higher costs strain local food distribution networks.

President William Ruto reaffirmed his commitment to stabilizing fuel prices following an Energy Regulatory Authority (EPRA) announcement of a Sh10 diesel price reduction supported by a Sh10 billion subsidy.