Petrol, Gas, Fuel Prices Up, High Petrol Costs

Petrol, Gas

Asian, European motorists face record petrol prices as winter sets in | Malay Mail

Asian, European motorists face record petrol prices as winter sets in | Malay Mail

22/10/2021 6:55:00 PM

Asian, European motorists face record petrol prices as winter sets in | Malay Mail

LONDON, Oct 22 ― European and Asian motorists may have to contend with high petrol and diesel costs for months to come as a rise in crude prices, resurgent fuel demand and taxes drive up prices at the pump to or near record peaks. The jump in road fuel prices comes as countries in Europe and...

channel for the latest updates.LONDON, Oct 22 ― European and Asian motorists may have to contend with high petrol and diesel costs for months to come as a rise in crude prices, resurgent fuel demand and taxes drive up prices at the pump to or near record peaks.

Kenderaan tertimbus: Pemandu lori, kenderaan MPV disahkan maut | Harian Metro PM’s special advisers to cost RM150,000 per month, minister says | The Malaysian Insight 2 maut tanah runtuh laluan Simpang Pulai-Cameron Highland | The Malaysian Insight

The jump in road fuel prices comes as countries in Europe and elsewhere are grappling with soaring power prices going into the northern hemisphere winter and could hurt consumer spending, undermining the global economic recovery from the pandemic.They are expected to remain elevated as analysts and traders expect the price of Brent crude ― the global benchmark ― to stay around current levels of about US$85 (RM352.70) a barrel for the remainder of the year.

“High fuel prices put pressure on overall price levels and poses a downside risk to the recovery in mobility and the economy in general,” said Kavita Chacko, a senior economist at CARE Ratings in India.“The rise in transportation costs have been feeding into costs across segments and could be a dampener for consumer spending.”

A rebound in demand as road traffic returns to pre-pandemic levels is outpacing growth in supply amid low investment in fossil fuels, subdued refinery output and delayed maintenance due to Covid-19 and logistical bottlenecks.In Britain, where disruptions in distribution networks prompted its worst fuel crisis in decades in late September, the average price of unleaded petrol at the pump rose to £1.41 ($1.94) this week, near a high of £1.42 hit in April 2012, data from automotive services firm RAC unit Fuel Watch shows.

That means a driver is now paying £15 more to fill a 60-litre tank compared to last year when the average price of petrol was around 1.15 after nationwide lockdowns slashed demand.Petrol prices in India, the world's third biggest consumer of crude oil, hit a record 106.89 Indian rupees a litre today while in France, the cost of a litre of diesel reached a new record last week of €1.55 a litre on average, according to data from the Ministry of Ecological Transition.

Some filling stations, like one in London's affluent Chelsea neighbourhood for instance, have almost doubled the price to £2.70 per litre, roughly equivalent to US$10 per US gallon.This has drawn the ire of consumer groups who say oil prices are nowhere near the record high of US$147 a barrel hit in 2008 to justify the recent spike at the pump. Fuel suppliers, however, say the price rises are no way near the jump in crude.

A spokesperson for the UK Petroleum Industry Association said while UK average pump prices have risen by 21 per cent for petrol since the beginning of the year, the price of Brent crude ― the global benchmark ― has jumped 66 per cent.Tax and dutiesThe surge at the pump also reflects high taxes on fuel in countries like India, France and the United Kingdom where they account for roughly 60 per cent of the retail price of petrol and diesel, data from government and auto services firms show.

Ada lagi kenderaan tertimbus selain lori, Toyota Vellfire | Harian Metro Malaysia kabulkan 'hajat' wanita Afghanistan | Harian Metro Cabaran daki 'Gunung Melaka' | Harian Metro

“We already pay 50 billion pounds a year in tax on our motorbikes, cars, vans, and trucks,” said Howard Cox, founder of lobby group FairFuelUK. “VED, fuel duty, VAT on duty, insurance tax, VAT on repairs, parts, benefit in kind on company cars etc. That’s nearly 7p in tax for every mile travelled.”

In Japan, the retail price of petrol rose to ¥164 per litre this week, the highest in seven years, according to the industry ministry’s weekly data. It has risen more than 20 per cent so far this year.Japanese consumers pay a gasoline tax of ¥53.8 per litre plus an oil and coal tax of ¥2.8 per litre. A retail tax of 10 per cent will be added to the price as well.

Petrol and diesel demand gained traction this summer as people avoided public transport and travelled around the country by car amid flight restrictions.Road traffic in major European capitals like London, Paris, Rome and Berlin, has been on the rise since the start of the year, Apple Mobility Trends showed, and remained above a baseline volume in January 2020.

The price of petrol is tracking crude more closely in the world’s largest gasoline market ― the United States ― and is far from a record high.The average retail price of a gallon of petrol has risen to US$3.36, more than a dollar per gallon higher than the average at this time last year, according to AAA figures.

However, US consumers feel the pressure of higher petrol prices when they approach the US$4 per gallon threshold, according to industry analysts. Winter fuel costs are expected to surge, according to the US government.US President Joe Biden said yesterday he expects gasoline prices to fall in 2022 and that any further price reduction depends on factors such as the actions of Saudi Arabia. ― Reuters

Read more: Malay Mail »

Ex-beauty queen claims trial to cop rage

KOTA KINABALU: A former beauty queen who was captured on video shouting at a policeman during a roadblock in June has pleaded not guilty to outraging the cop’s modesty.

MIDF Research downgrades Supermax to ‘trading sell’, target price revised downward | Malay MailKUALA LUMPUR, Oct 22 — MIDF Research has downgraded Supermax Corporation Bhd to a ‘trading sell’ recommendation from a ‘neutral’ as the company could face substantial impact from the United States Customs import ban. It revised down the target price (TP) for the share to RM1.67 from...

US lawmakers set to hold Trump ally in contempt for defying summons | Malay MailWASHINGTON, Oct 21 — US lawmakers will vote today to hold a key ally of ex-president Donald Trump in criminal contempt of Congress for defying a subpoena to testify before a panel investigating the January 6 attack on the Capitol. Former White House chief strategist Steve Bannon is in the...

Killed on set: Famous Hollywood tragedies | Malay MailPARIS, Oct 22 — With a cinematographer killed and a movie director wounded after US actor Alec Baldwin fired a prop gun during filming, we look at other deadly movie accidents. ‘The Captive’ Gun related deaths go back to the dawn of cinema with extra Charles Chandler shot in the head in 1915...

Police: Prop gun fired by Alec Baldwin kills woman on set | Malay MailLOS ANGELES, Oct 22 — US actor Alec Baldwin fired a prop gun that killed a cinematographer and wounded the director on a film set in New Mexico, US law enforcement officers said Thursday. The incident happened on the set of Rust in the southwestern US state, where Baldwin is playing the lead in a... Is belated in your news? This news of Alec Baldwin was already circulating last week by other news outlet. Your print of Kim Seon Ho was only in my timeline days after the scandal.

Nasdaq set for lower open after Intel's margin warning | Malay MailNEW YORK, Oct 22 ― The Nasdaq was set for a lower open today after chipmaker Intel warned of lower profit margins, while Snap Inc led declines among social media firms after flagging a hit to digital advertising from privacy changes by Apple. Intel Corp slid 9.5 per cent in premarket trading as...

Dollar set for second week of declines but outlook bullish | Malay MailLONDON, Oct 22 ― The US dollar slipped against its rivals today and is set for a second consecutive week of decline as news that heavily-indebted property firm China Evergrande Group had averted a default buoyed appetite for risky assets. Concerns over the embattled property developer whose...