Oil fell on Wednesday to a 6 month low after a brief respite as concerns about the prospect of recession that would weaken demand overshadowed a report showing lower US crude & gasoline stocks
Despite a tight physical oil market, investors have sold oil futures on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand.
The government raised import taxes on gold, while increasing levies on exports of gasoline and diesel in an attempt to control a fast-widening current account gap.
Amidst fuel crisis in Sri Lanka, the government declared Friday a holiday for public offices and schools to curtail vehicular movement, leaving many roads in and around the capital Colombo deserted
NEW YORK (Reuters) -Oil prices rose about 2% to a 13-week high on Wednesday as U.S. demand for gasoline has kept rising despite record pump prices, on expectations China's oil demand will rise and on supply concerns in several countries.
National fuel prices in the US have been surging for the past month amid the Russian special military operation in Ukraine and a cascade of sanctions imposed on Moscow that followed it.
India's state-run fuel retailers are increasing their ethanol storage capacity by 51% as the nation targets to double the biofuel's blending with gasoline to 20% by 2025
Sales of gasoil, which account for about two-fifths of India's overall refined fuel consumption, are directly linked to industrial activity in Asia's third-largest economy