Diesel fuel prices map

- A + A KUALA LUMPUR (June 25): The Federation of Malaysian Manufacturers (FMM) has hailed the government’s decision not to pass through a higher surcharge rate to consumers despite the recent sharp increase in fuel and other electricity generation costs. “The FMM is pleased that the government had positively considered its call for assistance to help curb one of the industries’ major operational input costs, i.e. energy cost,” said FMM president Tan Sri Soh Thian Lai on Saturday (June 25). On Friday, Prime Minister Datuk Seri Ismail Sabri Yaakob said Putrajaya had decided to maintain the electricity and water tariffs in Peninsular Malaysia in efforts to fight the rising cost of living. In a statement, Soh said: “The government’s decision to absorb the cost of the fuel price which amounts to RM5.8 billion and hence maintain the Imbalance Cost Pass-Through (ICPT) surcharge at the current rate as well as to maintain the current water tariffs would ease the cost … [Read more...] about FMM hails govt’s decision to absorb fuel price increase

Share to Twitter Share to Linkedin Topline Gas prices are steadily but slowly dropping ahead of July Fourth and further relief at the pump may be coming ahead of one the most popular driving days of the year, though prices are still elevated compared to 2021. Key Facts The average national gas price Monday is $4.897 per gallon, according to the American Automobile Association, which is down 12 cents from its peak of $5.016 on June 14. Patrick De Haan, GasBuddy’s head of petroleum analysis, predicted Sunday the national average for gas prices could fall to as low as $4.75 by July Fourth as crude oil prices fall. That would still represent a more than 50% increase from last July Fourth, when the national average gallon of gas was $3.13, per AAA. Still, AAA forecasts a record-high 42 million Americans will travel 50-plus miles over the holiday weekend – a telling sign as demand for gas remains largely unfazed by the historic … [Read more...] about What To Expect For July 4th Gas Prices

Maruti Suzuki recorded a 20 percent growth in unit sales in May against the same period in pre-Covid 2019, with India's biggest car maker showing no signs of slowing down despite the current inflationary environment. "On the ground, demand looks strong," said Shashank Srivastava, senior executive director (ED), Marketing & Sales, Maruti Suzuki, told CNBC-TV 18 on June 22. Srivastava , however, flagged rising interest rates that have made loans expensive, soaring fuel prices, inflation and high commodity prices, which have now begun to cool, as obstacles to growth. Citing the 13.5 percent industry growth rate in the passenger vehicle segment in FY 22, Srivastava said absolute volume sales remain comparable to FY 17, reflecting pent-up demand. "The industry is expecting a double-digit growth with targeted sales of 34 to 35 lakh units," he said. Close On the semiconductor shortage that has hit production, Srivastava said the company was producing at 95 … [Read more...] about Demand strong but inflation, commodity prices could impact growth, says Shashank Srivastava

Colombo, Sri Lanka Doctors and bankers were among hundreds of Sri Lankans who marched on Wednesday to demand the government resolve a severe fuel shortage at the heart of the Indian Ocean island's worst economic crisis in decades or step down. Weeks of street demonstrations against cascading woes such as power cuts and shortages of food and medicine brought a change in government last month after nine people were killed and about 300 injured in protests. Left with just enough fuel for about a week and fresh shipments at least two weeks away, the government restricted supplies on Tuesday to essential services, such as trains, buses and the health sector, for two weeks. The prime minister's office said in a statement a government-ordered petrol shipment would arrive on July 22, while Lanka IOC, a unit of Indian Oil Corporation, is expecting a shipment of petrol and diesel around July 13. "The government is also attempting to secure fuel shipments … [Read more...] about As Sri Lanka runs out of fuel, doctors and bankers protest ‘impossible situation’

PONTIAN: An illegal fuel processing ring in Pekan Nanas here has been busted by police, who also seized vehicles, equipment and used engine oil worth a total of RM7.3mil. Acting Johor police chief Senior Asst Comm Jalaludin Hamid said five men, including three foreigners, were arrested in a raid on a factory in Kampung Jeram Batu at around 5.30pm on Tuesday (June 28). At the premises, police discovered 128,000 litres of used engine oil worth RM230,400, as well as 12 tanker lorries and heavy machinery used in the illegal activity, he said. The syndicate would convert used engine oil into low-grade diesel, he said, adding that this was the first such case detected in Johor this year. “The suspects, including the factory’s 48-year-old owner and suspected ringleader, have been purchasing used engine oil from factories and vehicle workshops in the area at 30 sen per litre. “(After processing) the end product is sold at RM1.80 per litre to factories and related industries in Johor … [Read more...] about Johor cops bust illegal fuel processing ring, arrest five

Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, Nov. 19, 2020. Photographer: Andrey Rudakov/Bloomberg Oil prices skidded in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on major U.S. firms to help ease the pain for drivers during the country's peak summer demand. U.S. West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2%, to $108.18 a barrel at 0031 GMT, while Brent crude futures dropped $1.33, or 1.2%, to $113.32 a barrel. As the United States struggles to tackle soaring gasoline prices and inflation, U.S. President Joe Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters. Biden had disclosed on Monday he was considering whether to call for a pause in the tax. "Even oil traders acknowledged that higher oil … [Read more...] about Oil prices slide as Joe Biden pushes for US fuel cost cuts

- A + A KUALA LUMPUR (June 29): MIDF Research has upgraded Petronas Dagangan Bhd to a "buy" from "neutral" with a higher target price of RM23.88 (from RM22.01) after the company announced an additional six sales and purchase agreements with Petronas’ wholly-owned subsidiary PETCO Trading Labuan Company. This is in relation to the selling of working inventory and deadstock in the storage tank at the company’s selected fuel terminals for a total consideration of approximately RM132.9 million. In a research note on Wednesday (June 29), MIDF said this sale of inventories could assist in fulfilling the growing local demand for fuel oil as the impact of the Covid-19 pandemic on tourism, travelling and transportation had mostly diminished. Additionally, it said eliminating unfavourable Means of Platts Singapore price movements could rebalance fuel prices to more stable and fixed levels in case of ailing fuel prices in the rising inflation situation and tightened supply. … [Read more...] about MIDF upgrades Petronas Dagangan to ‘buy’, raises target price to RM23.88

LIMA (Reuters) - Peru's truckers and some farm groups will go on strike on Monday after failing to reach agreements with the government seeking measures to reduce the impact of steep global price rises of fuel and fertilizer, sector leaders said on Sunday. Union leaders met on Friday and Saturday with government representatives, with demands including considering freight transport a "public service" that would reduce costs and curb competition from truckers from neighbor countries. "We are firm in plans to strike with all our bases nationwide," the leader of the heavy load haulage and drivers union Marlon Milla told radio station RPP. The union has 400,000 cargo transport units in 14 of the 25 regions of the country. High global fuel prices linked to Russia's invasion of Ukraine have stoked unrest in Peru, the world's No. 2 copper producer, while shortages of fertilizer have raised fears over food supply with the government struggling to secure shipments. The government of … [Read more...] about Peru truckers, farmers to strike over fuel and fertilizer costs

Representative image. It only took 24 hours last month for Prime Minister Narendra Modi's government in India - the world's second-largest producer of wheat - to shelve its plans to "feed the world". In April, Modi had said publicly that the world's most populous democracy was ready to fill part of the gap left by Ukraine in global grains markets by increasing its wheat exports, following five consecutive record harvests. India traditionally exports only a modest amount of wheat, retaining most of its crop for domestic consumption. On May 12, India's Ministry of Commerce & Industry said it was preparing to send delegations to nine countries to export a record 10 million tonnes of wheat this fiscal year - sharply up the previous season. But a barrage of alarming data changed all that. First came a downward revision to India's wheat crop in early May as a sudden heatwave hammered yields. Then data on May 12 showed inflation in the nation of 1.4 billion had jumped to a … [Read more...] about Food export bans, from India to Argentina, risk fueling inflation

Share to Twitter Share to Linkedin Topline President Joe Biden proposed Wednesday a federal gas tax holiday, as gas prices hover around record highs nationally, in a move that would instantly provide some relief to consumers—though some warn may not be the cure-all Biden seeks. Key Facts Biden called on Congress to pass a three-month federal gas tax holiday, which would suspend federal taxes on gas during the period. This would make gas 18 cents cheaper per gallon and diesel 24 cents cheaper. The proposal actually comes as prices are slightly decreasing: the national average price per gallon of gas is $4.955 Wednesday, according to the American Automobile Association, a slight drop from its peak of $5.016 last Tuesday but still a sharp increase from a year ago, when it was $3.069 average per gallon. Despite the holiday likely providing some quick relief at the pump, it may contribute to further inflation by providing an indirect … [Read more...] about What Is A Federal Gas Tax Holiday? Here’s How It Could Impact Prices At The Pump.