Prices at the pumps could stay lower for longer after major oil producing nations failed to reach a deal to cut output, experts have said.
International energy companies in Nigeria have agreed to provide about $200 million to help fund fuel imports and end shortages, Petroleum Minister of State Emmanuel Kachikwu said.
Sudden and unexpected changes in policy have “spooked” investors and could push up the costs to households of building much needed new energy projects, MPs have warned.
Average petrol prices rose for the first time in seven months in February, data shows.
Fuel produced by IS (Islamic State) is allegedly being sold at gas stations in Bulgaria.
Supermarkets Asda and Tesco have cut the price of diesel to 97.7 pence per litre (ppl), its lowest level for over six years. But campaigners have called for even greater reductions amid tumbling oil prices.
Asda has cut the price of diesel to 97.7 pence per litre (ppl) amid tumbling oil prices. The supermarket said the 2ppl reduction has taken diesel to its lowest price in over six years.
Motorists are being denied further savings on petrol from the tumbling oil price because of increased profit margins for refineries, experts have warned. Oil prices have fallen by 30% since early December, with Brent crude sinking to $30 a barrel this week.
Fuel could become cheaper than bottled water if the price of oil continues to plummet, motoring experts have said. Oil prices have fallen by 30% since early December, with Brent crude sinking to 30 US dollars a barrel earlier this week. Many analysts are predicting it could tumble even further, with Standard Chartered warning that 10 US dollars a barrel is a possibility.
The average price of petrol fell by more than 4p per litre in December, according to new figures. A litre of unleaded dropped from 107.55p at the start of the month to 102.89p by the close, reducing the cost of filling up a 55-litre car by more than £2. The average price of diesel dropped by 3p per litre from 109.86p to 106.18p, according to the RAC Fuel Watch report.
Nigeria will reduce gasoline costs and scrap a fuel subsidy under a pricing mechanism to come into effect from January, Petroleum Minister of State Emmanuel Kachikwu said.
Fuel retailers have been urged to cut the price of diesel to under £1 per litre. Unleaded fell below that symbolic level at many supermarkets last week for the first time since 2009, excluding promotions. But diesel remains more expensive despite its wholesale price being around 3p per litre (ppl) cheaper than unleaded.
Air strikes on a fuel market in a village in northern Syria have killed and wounded dozens of people and destroyed several tanker trucks, according to opposition monitoring groups. Activists said war planes also struck another market in the northern village of Maskaneh which is under the control of Islamic State, killing at least 12 people and wounding many others. It was not immediately clear whose war planes carried out the strikes, although the monitoring groups said the Russians targeted both markets.
Petrol prices have fallen for a fourth consecutive month, according to new data. The average price of unleaded at the end of October was 107.8p, compared to 109.5p at the start of the month, the RAC Fuel Watch found. This is equivalent to a saving of 90p on the cost of filling up an average 55-litre family car.
Gazprom PJSC, the world’s biggest natural gas exporter, is planning for the lowest price for its fuel in its main European market for more than a decade. The state-run exporter is drafting its budget for 2016 with preliminary estimates for gas prices outside the former Soviet Union of about $200 per 1,000 cubic meters ($5.45 a million British thermal units), said two people with direct knowledge of the matter who asked not to be identified because the information is private.
Imperial Oil and Husky Energy are entering into an agreement that will create a single truck transport fuel network of about 160 sites in Canada, approximately twice the size of either individual network today.
China's Sinopec Corp 0386.HK is shipping its second ever jet fuel cargo to Europe, once considered a rare trade route, as the refiner looks to expand its global market share with demand lagging output levels at home, industry sources said. The world's No. 2 refiner shipped out 90,000 tonnes of jet fuel to Europe in late June, said two sources, who did not want to be named because of rules on talking to media. Shipping fixtures show a vessel, SKS Donggang, was chartered by trader Noble NOBG.SI and loaded with jet fuel from Yangpu in south China around the same time. SKS is near Madagascar now and moving towards Le Havre, France, according to shiptracking data.
An energy minister has refused to rule out a rise in fuel duties following a drop in oil prices. Baroness Verma, the Department for Energy and Climate Change minister in the House of Lords, said green issues had to be considered. Her comments came after Tory Lord Howell of Guildford, the father-in-law of Chancellor George Osborne, urged her to rule out any hikes.
Fuel prices at the pumps should fall “further and faster” after a significant drop in oil prices, David Cameron has said. The Prime Minister told MPs the regulator and the Government would do everything it can to ensure the oil price slump is reflected on forecourts. A Birmingham service station has been disclosed as cutting the price of its petrol to 99.7p a litre while the big four supermarkets have been engaged in a fuel-price war.
Low world oil prices may not be such good news for airlines after all, according to aviation analysts. Airlines’ fuel bills are falling, but the low prices could signal a downturn in the global economy and consequently could lead to less demand for air travel, said aviation data analysts OAG. So 2015 could be “a challenging year for aviation” OAG’s executive vice president John Grant said.