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(Eagle News) – While gasoline stations implemented a huge price increase on its products on Tuesday, March 8, one gasoline retailer company did the opposite after two days – a price slash effective 6 a.m. today, March 10. Petro Gazz Philippines implemented a huge oil price rollback of P5.85 per liter for diesel, and P3.60 per liter for gasoline on Thursday, March 10, which would be effective until Sunday, March 13. The amount is […]
by Francesco FONTEMAGGI Agence France-Presse WASHINGTON, D.C., United States (AFP) – How far should Joe Biden go to limit soaring US gas prices? The US president has launched an oil diplomacy gambit to compensate for banning Russian petroleum, but he risks accusations of propping up authoritarian leaders and undermining his own battle for democracy. Amid the war unleashed by Russia in Ukraine, a recent American mission to energy-rich Caracas was intended to be discreet. And […]
by Catherine HOURS / Julien MIVIELLE Agence France-Presse PARIS, France (AFP) – Despite fears that the energy price shock unleashed by Russia’s war in Ukraine will put climate ambitions on the back burner, the transition to green fuels is more relevant than ever to reduce dependence on Russian hydrocarbons. Coal no longer a taboo As the United States imposes an embargo on Russian oil, the European Union and other countries are seeking to wean themselves […]
NEW YORK, United States (AFP) — US stocks lost more ground on Tuesday after President Joe Biden imposed a ban on imports of Russian petroleum, and more major firms announced they were shutting operations in Russia. Britain also announced it was phasing out energy purchases from Russia after the invasion of Ukraine, while oil giants Shell and BP, both based in Britain, said they would stop buying Russian oil and natural gas immediately. The […]
by Dmitry ZAKS and Dave CLARK, with Frankie TAGGART in Washington Agence France Presse KYIV, Ukraine (AFP) — The United States led a Western assault on Moscow’s economic lifeline Tuesday, banning imports of Russian oil as civilians fled besieged Ukrainian cities in a desperate evacuation push blighted by Russian shelling. President Joe Biden heralded the US embargo as a hit on “the main artery of Russia’s economy” targeting President Vladimir Putin’s most crucial source […]
HONG KONG, China (AFP) — Asian equities were mixed Wednesday as three days of painful losses gave way to a semblance of stability, though oil prices extended gains after the United States and Britain moved to ban imports of Russian crude. But while the panic selling that characterized markets for two weeks eased, analysts warned of further volatility as Russia showed no sign of letting up on its invasion of Ukraine. The crisis has fuelled […]
FRANKFURT, Germany (AFP) – German Economy Minister Robert Habeck on Tuesday issued an “urgent appeal” to OPEC oil producers to ramp up output following a spike in prices and supply fears due to the Ukraine crisis. Habeck called on top oil producing nations to “increase production in order to create relief on the market”. “That would be a contribution” to easing the stress on firms and households, he said at a Berlin press conference, adding […]
Energy giant Shell said Tuesday it would withdraw from its involvement in Russian gas and oil, including an immediate stop to purchases of crude from the country. The UK-based company also issued an apology for buying a cargo of Russian crude oil last week and said it would shut its service stations, aviation fuels and lubricants operations in the country. Shell said it would withdraw from its involvement in all Russian hydrocarbons “in a […]
LONDON, United Kingdom (AFP) — Stock markets lost ground while metals prices hit record highs and oil surged on Monday after the United States raised the prospect of an embargo on Russian crude — a move on which Europe urged severe caution. European markets seesawed after a four-percent fall in Hong Kong with Frankfurt losing two percent over the session as London and Paris kept losses in a narrower band. Wall Street was off just […]
MOSCOW< Russia (AFP) — Russian Deputy Prime Minister Alexander Novak warned Monday that a ban on Russian oil imports would have “catastrophic” consequences, as Western allies consider further sanctions on Moscow over Ukraine. “A ban on Russian oil will lead to catastrophic consequences for the global market. The surge in prices will be unpredictable — more than $300 per barrel, if not more,” Novak said in remarks carried by Russian news agencies. Novak added […]
(Eagle News) – Another oil price hike will take effect on Tuesday, March 8, the biggest hike in oil prices this year Diesel prices will rise by 5.85 per liter, while gasoline prices will increase by P3.60 per liter. Prices of kerosene will also be increased by 4.10 per liter. This is the 10th straight week that oil prices have risen this year due to rising tensions between Russia and Ukraine. Various oil companies […]
HONG KONG, China (AFP) — Equity markets plunged Monday, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy. Trading floors were a sea of red, while experts warned of a period of stagflation with the spike in crude likely to light a fire under already high inflation. The commodity at one point rocketed […]
