Petrol and diesel prices in Europe expected to exceed €2 per litre amid rising global oil prices and Middle East conflict
Petrol and diesel prices across Europe are predicted to surpass €2 per litre, with concerns escalating among fuel garage operators about imminent price hikes. This situation follows the outbreak of conflict in the Middle East, which began last Saturday, and has been compounded by significant increases in global oil prices. The average price for unleaded petrol rose from €1.73 per litre last month to levels exceeding €1.80, while diesel has also approached €1.90 at many pumps. The ramifications of the ongoing conflict are already evident in the home heating oil market, where costs have surged dramatically. For instance, data from... [Continue Reading]
Concerns fuel prices could rise over €2 from tomorrow
Petrol and diesel prices could rise to over €2 a litre from tomorrow as fuel garage operators express fear over a hike in prices. [Continue Reading]
2 tankers carrying India’s Reliance fuel ditch Europe, divert to Singapore, Southeast Asia
Two tankers loaded with fuel from Reliance Industries in India that were headed to Europe made U-turns and are now bound for Asia, according to two trade sources and ship-tracking data, as the refiner capitalises on firm Asian margins with the Iran war squeezing supply. The Advantage Life, which loaded around 100,000 metric tons (745,000 barrels) of diesel at Reliance’s Jamnagar refinery on February 28, is currently bound for Singapore, according to Kpler, LSEG data and two trade... [Continue Reading]
Middle East war: Fuel prices surge in France amid margin concerns
Motorists in Lille and across northern France have seen petrol and diesel prices jump sharply in recent days, with some stations reporting increases of up to 20 cents per litre. The sudden rise has prompted scrutiny from the government, with the economy minister summoning fuel industry representatives amid concerns some retailers may be raising profit margins excessively. [Continue Reading]
Oil price continues to rise amid Middle East crisis but stock markets rebound across Asia
Reports of attack on US registered tanker in Gulf lifts crude by 3% to $84 a barrel as gas price also starts to climbBusiness live – latest updatesMiddle East crisis – live updatesStock markets have rebounded in Asia after days of heavy losses driven by the war in the Middle East, but oil and gas prices have continued to climb amid disruption to supplies.South Korea’s KOSPI, which posted its biggest ever fall on Tuesday of 12%, rose by almost 10% on Thursday, while Japan’s Nikkei climbed by 1.9%. MSCI’s Asia-Pacific index excluding Japan jumped by 2.7%. Continue reading... [Continue Reading]
South East Water fined £22.5m for ‘repeated supply failures’ in Kent and Sussex
Regulator says failures that hit nearly 300,000 customers made worse by utility’s failure to maintain efficient supply systemBusiness live – latest updatesSouth East Water has been fined £22.5m by Ofwat for repeated supply failures in Kent and Sussex between 2020 and 2023 that affected more than 280,000 people.While the root cause of the water shortages was extreme weather, the water regulator for England and Wales found that they were “in part attributable to and/or exacerbated by failures by South East Water itself to develop and maintain an efficient water supply system”. Continue reading... [Continue Reading]
Fuel prices in Northern Territory remote areas near $4 per litre for diesel amid concerns over rising costs and global oil supply fears
Fuel prices in remote areas of the Northern Territory are approaching an unprecedented $4 per litre for diesel, causing significant concern among residents. In the community of Ramingining, local residents express frustration over what they perceive as unfair pricing, stating that costs have soared by 10 to 20 cents per litre in recent days. This sudden escalation is largely attributed to the ongoing conflict in the Middle East, which has triggered fears of restricted oil supplies on a global scale. The escalating fuel prices are not just a financial burden, but also an added stress for communities already grappling with... [Continue Reading]
Global oil prices rise to $84 per barrel amid tensions in the Middle East and concerns over shipping safety in the Strait of Hormuz
The recent escalation of tensions in the Middle East, primarily involving Iran, has prompted a significant rise in global oil prices amid fears for shipping safety in the Strait of Hormuz. Following Tehran's targeting of vessels in this crucial maritime route, oil prices have surged from $72 per barrel to $84, raising alarms about potential increases in fuel costs for consumers worldwide, including in Ireland. The Strait of Hormuz is a vital channel for global oil transport, with approximately one-fifth of the world's petroleum passing through it. As the conflict escalated, shipping rates for supertankers in the area have reportedly... [Continue Reading]
