Indian state refiners are reportedly preparing a modest fuel price increase, with diesel and gasoline possibly up by around 5 rupees per liter. The rationale: mounting daily losses linked to the ongoing Persian Gulf war and the need to keep fuel affordable for consumers while stabilizing refinery finances.
China plans to raise retail gasoline prices by 320 yuan per metric ton and diesel by 310 yuan per metric ton starting May 9. The decision comes after April’s reduction and suggests Beijing is adjusting its fuel pricing approach to deal with oil market swings. Drivers are likely to feel the increase soon at the pump.
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California’s oil and jet fuel crunch is deepening as inventories fall more than 25% to multi-year lows and refining capacity drops nearly 20% after major shutdowns. Jet fuel is nearing $15 per gallon and gasoline is around $5.85 statewide. With California reliant on slower, pricier imports from Asia amid Middle East-related disruptions, airlines are cutting routes—leaving the big question: when does supply stabilize?
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