The government of Pakistan on Monday once again increased levy and margins on petroleum products. The document issued by the government stated a Rs5 increase in petroleum levy on high speed diesel, taking the rate up at Rs55 per liter. While, the rate of levy on petrol is kept unchanged at Rs60 per liter. However, … Read more
After colliding with a gas tanker off the coast of Gibraltar, salvage personnel sped to pump fuel from a grounded ship that had started seeping into the water. Authorities reported that the OS 35 had experienced a massive leak on Thursday, and environmentalists are concerned about serious ecological harm. Authorities at the port attempted to … Read more
ISLAMABAD: An attention-calling notice was passed in the National Assembly against the additional amount of fuel price adjustment collected through electricity bills. Jamaat-e-Islami MNA Maulana Abdul Akbar Chitrali raised the matter. He said fuel adjustment charges have been imposed of Rs2500 have been imposed on a bill of Rs1800. GDA leader Dr Fahmida Mirza said … Read more
China’s cybersecurity regulator fined Didi Global Inc $1.2 billion on Thursday. Investigation forced ride-hailing leader to delist from New York within a year of its debut. Didi ran afoul of the Cyberspace Administration of China when it proceeded with its US stock listing. Didi’s plans to list in Hong Kong delayed indefinitely after failing to … Read more
Ministry of Railways agrees to lower train tariffs by 5 to 10% Saad Rafique, the minister of railways, reportedly gave the order. The decision follows reduction in the cost of petroleum products from Rs18.50 to Rs40.54 per litre. Following the drop in the price of petroleum products, the Ministry of Railways has agreed to lower … Read more
Joe Biden faces a deadline to intervene in U.S. railroad labor. Covering 115,000 workers. Failure could open the door to a potential strike. It could threaten an already fragile economy. .The PEB has 30 days to make nonbinding settlement recommendations. The union represents 23,000 affected. The negotiations voted to authorize a strike. Joe Biden, U.S. … Read more
Sri Lanka is experiencing its greatest economic crisis in more than 70 years. President Gotabaya Rajapaksa claims he has urged Russian President to help import fuel. Sri Lanka’s energy minister recently warned that the nation would soon run out of gasoline. Sri Lanka is reportedly in its greatest economic crisis since gaining independence from Britain … Read more
Sri Lanka’s energy minister has issued a stern warning regarding the nation’s gasoline supplies. Sri Lanka has stopped selling gasoline to the general public because of severe fuel shortages. The island nation is going through its biggest economic crisis since independence. In light of Sri Lanka’s greatest economic crisis in more than 70 years, the … Read more
After rising 2.4% on Friday, Brent crude futures for September fell 0.3% at 0300 GMT. U.S. West Texas Intermediate oil futures for August delivery fell 34 cents, to $108.09 a barrel. The main bearish reason that has restrained the rise in oil prices is recession fears. Despite the fact that supply is still limited due … Read more
Japan is allowing a small number of tourists to enter the country after easing curbs in June. A record 32 million tourists visited in 2019 and spent some $38 billion. Japan’s opening up to mass tourism over the last decade brought an economic boost. The number of hotels that shut down nationwide rose to a … Read more
The oil giant estimates that selling its Russian assets could result in a loss of up to $5bn (£3.8bn). Russia is one of the biggest producers of oil in the world. In exchange for leaving the Russian market, Shell will end its joint partnerships with Gazprom. Oil tycoon Shell has acknowledged that selling its Russian … Read more
Sri Lanka’s foreign exchange reserves are at an all-time low. The nation is struggling to pay for essential imports of food, medicine, and fuel. Fuel supplies will be restricted to only necessary services, such as trains and buses. A minister has said that beginning on Tuesday, schools will be closed throughout Sri Lanka, and that … Read more
Sri Lanka’s power and energy minister announced on Tuesday that the duopoly governing imports will end . The minister, Kanchana Wijesekera, was leaving for Qatar when the cabinet made its decision. Sri Lankan Prime Minister Mahinda Rajapaksantha Wijesekera travelled to Qatar on Monday. In quest of energy deals to ease a chronic fuel shortage that … Read more
Sri Lanka raises fuel prices by 15% and 22%, worsening the plight of ordinary people. US officials arrive in Colombo for talks to try to resolve the economic crisis. The government declared bankruptcy in April after failing to pay its $51 billion in foreign debt. Sri Lanka hikes fuel prices, aggravating the misery of ordinary … Read more
Heads of energy giants in France urge citizens to limit use of fuel, oil, electricity, and gas. European energy system has been under significant strain for months. Gas stocks across the continent are in a state of high alert, and rationing procedures have been implemented. Sunday, the heads of three energy companies in France urged the … Read more
Sri Lanka’s fuel supplies will last for roughly five more days. The island nation waits for official approval from India on a fresh $500 million petroleum credit line. Fuel for automobiles, several industries, and critical services are covered by stockpiles. COLOMBO: Sri Lanka’s fuel supplies will last for roughly five more days, according to … Read more
Sri Lanka has been experiencing its worst economic crisis in decades. The government has been unable to import basic essentials such as food, gasoline, and medication. The UN has issued a $47 million appeal to purchase basic food for 1.7 million Sri Lankans over the next four months. Crisis-hit On Sunday, Sri Lanka set weekly … Read more
The study will look into why fuel prices climb quickly but fall slowly. In March, Britain cut fuel duty by 5 pence per litre for a year as part of a 5 billion pound ($6.2 billion) package help motorists cope with cost-of-living squeeze. The government has ordered Britain’s competition watchdog to examine the retail fuel … Read more
Europe’s plan to double down on renewable fuels could have the unintended short-term effect of increasing prices. Fuel prices have been soaring around the world amid declining investments in fossil fuel projects. Prices accelerated since sanctions were imposed this year against energy exporter Russia following its invasion of Ukraine. Europe’s arrangement to twofold down on … Read more
Sri Lanka’s government would require at least $5 billion over the next six months to maintain basic living standards. The island nation is facing its worst economic downturn in seven decades. A lack of foreign exchange is preventing importation of crucial products such as fuel, medicine, and fertiliser. COLOMBO: Sri Lanka cash-strapped government would require … Read more
Due to growing gasoline costs, the Nepali government has decided to reduce taxes on petroleum goods, a minister declared on Friday. Dilendra Prasad Badu, minister for industry, trade, and supply, told the House of Representatives that a cabinet meeting on Monday backed a plan to alter existing tariffs on petroleum products to reduce gasoline prices. … Read more
Cash-strapped Sri Lanka appointed nine new ministers on Friday to an “all-party government” tasked with guiding the country out of its economic crisis, but the critical finance portfolio remains vacant. Prime Minister Ranil Wickremesinghe took over earlier this month after the president’s elder brother, Mahinda Rajapaksa, resigned amid escalating protests accusing his administration of driving … Read more
Rating agencies are anticipated to downgrade Sri Lanka on Wednesday as a result of the nonpayment of coupons on two of the country’s sovereign bonds, while the energy minister said the country has run out of money to pay for fuel. An unprecedented economic crisis since the country’s 1948 independence has resulted in a serious … Read more
A large fuel depot in a Russian town near the Ukrainian border caught fire Monday, according to Russian news agencies. “A fire has been reported at the Transneft Bryansk-Druzhba fuel depot in Bryansk,” the ministry said, citing media reports. “According to preliminary information, there are no injuries,” the ministry added. The fire’s origin is unknown. … Read more
Delta Air Lines supplies an upbeat outlook for the summer journey season on Wednesday, saying robust demand is presenting enough costing strength to make up for hovering gasoline rates. Shares gone up at the file and outlook, with Delta reporting a smaller than expected loss within the first region, even because it contended with a … Read more
COLOMBO: Sri Lanka’s public transport was crippled on Wednesday as buses ran out of diesel, officials said as the country’s foreign exchange crisis worsened with no dollars to import fuel. The Private Bus Owners’ Association said they were able to operate only about a quarter of their fleet of 20,000 vehicles, while drivers reported queuing for … Read more
BEIJING: China will raise the retail prices of gasoline and diesel from Sunday, the country’s top economic planner said on Saturday. Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be increased by 310 yuan (about $48.6) and 300 yuan per tonne, respectively, according to the National Development … Read more
Portugal next year could approve lithium mining that will reduce Europe’s dependence on outside sources for a key ingredient in the frenetic global race to decarbonise the auto industry. The southern European nation is thought to have the continent’s largest lithium reserves. Alongside nickel and cobalt, lithium has become a prized raw material as it … Read more
