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US Pres. Biden's team weighs a massive oil release to combat inflation and oil is heavily offered as the administration figures to release 1 million barrels of oil per day for months. The total release may be as much as 180 million barrels, the people said.
BENGALURU, March 8 (Reuters) - Indian shares extended their losses on Tuesday as a steep rise in oil prices fanned fears of runaway inflation and slowing economic growth.
High levels of inflation have now become a new reality across the globe. The latest data by the Organization for Economic Cooperation and Development shows, that inflation in the 38 member states hit a 31-year high in January, at 7.2 percent.
A renewed hike in local oil prices is unlikely to disturb the trajectory of inflation, which economic managers are assuming to remain within target in the next two years, according to the Bangko Sentral ng Pilipinas (BSP). BSP Governor Benjamin Diokno said in a statement that while global oil prices have been on an uptrend this year amid recovery in economic activity, the emergence of the Omicron coronavirus variant brought forward concerns over weaker demand prospects.
LAHORE: The business community Sunday expressed their concern over spiralling electricity and oil prices, which were the main cause of inflation and reduction in economic growth. President SAARC Chambers and Chairman United Business Group (UBG) Iftikhar Ali Malik told a delegation, led by presidential candidate for Federation of Pakistan Chambers of Commerce and Industry Dr Nouman Idris Butt, that gradual hike in electricity and oil prices would affect the supply of other goods. He said that ultimately manufacturers would increase the price of goods and services due to spiralling oil prices. He urged the govt to arrest the price increasing trend of electricity and petroleum products. Iftikhar said common man was suffering a lot because commodity prices were shooting up due to increase in the input costs.
The Indian palm oil industry is concerned that palm oil demand in the country may dip and lose out to edible soft oils in the short term given the higher duties it is subject to after a recent levy revision by the local government.
Jaipur: Saying that a "symbolic" reduction of Rs 5 and 10 per litre in the excise duty on petrol and diesel will not bring down inflation
The global supply chain disruptions that have fueled inflation alongside rebounding demand for everything have been in the spotlight for weeks now. Although little attention has been paid to the effect of these disruptions on the oil and gas industry, it is certainly not insulated. And these disruptions could add further upside potential to oil prices. The American Trucking Association has calculated a shortage of 80,000 drivers that the industry needs to keep delivering goods on time. But it’s not just finished goods that truckers deliver.
The Egyptian Cabinet decided last week to elevate the price of natural gas by 75% in August. The gas consumption between 30-60 cubic meters has been increased by 42.8% and consumption of more than 60 cubic meters has gone up by 33.3%. The surge in prices has raised concerns as LPG cylinders and natural gas is the main source of fuel for 75% of the Egyptian households.
Venezuelan economic crisis has taken an even steeper turn where people are trading food items for something as small as a haircut. Barter is now the currency of once the richest country in Latin America. Economists are of the belief that the inability of Government to print currency and keep up with inflation rate is the main cause of the worsening conditions.