Fuel Prices
South Korea plans to lower fuel price cap and freeze utility rates
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South Korea will lower the cap on fuel prices to reflect the recent decline in global crude oil prices while freezing electricity and gas rates in the second half, Finance Minister Koo Yun-cheol said on Friday.
South Africans may experience substantial fuel price cuts from midnight next Tuesday. The changes are linked to a memorandum of understanding between the US and Iran. Petrol prices could fall by more than R3 a litre.
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The Department of Energy welcomed progress in US-Iran peace talks but cautioned that restoring domestic fuel prices to pre-crisis levels could require six to 12 months. Officials emphasized that the situation now involves broader economic effects beyond oil supply.
Gasoline prices stayed largely unchanged this week, remaining at their highest levels in nearly four years. The national average for regular fuel reached $4.49 per gallon as of May 18.
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The government and transport stakeholders reached an agreement on Tuesday to suspend the matatu strike for one week. This allows for further talks on fuel prices.
India's retail inflation for April rose to a 13-month high of 3.48 percent, while wholesale inflation more than doubled to 8.3 percent. The increases are driven mainly by higher fuel and food costs amid the ongoing conflict in the Middle East.
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South African employers are being advised against retrenchments despite rising fuel prices caused by the Middle East conflict. Experts describe the situation as a temporary oil shock rather than a full economic crisis. They recommend short-term measures such as hybrid work instead of permanent job cuts.
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