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Illustration of a gas station in Seoul showing lowered fuel prices with frozen utility symbols.
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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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At the Lamberet Long-Distance Bus Station near Asmara Road, soaring fares caused by uncoordinated rules and an imported fuel shock are stranding families and forcing students to ration trips home.

Nairobi Governor Johnson Sakaja said the government aims to reach an agreement with public transport operators by Friday to address protests over high fuel prices. Talks follow a one-week suspension of strikes by matatu operators and other transporters.

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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.

Members of the CPI(M) and CPI held protests in Visakhapatnam on Friday against the central government's recent fuel price hike, demanding an immediate rollback.

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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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