Latest news with #gasoline
NHK
12 hours ago
- Business
- NHK
Japan to take extra measure to curb gasoline prices amid Israel-Iran conflict
Japan's government says it will act to curb spikes in retail prices for gasoline that could occur due to the fighting between Israel and Iran. The government says it will subsidize oil wholesalers so that the cost of regular gasoline at the pump will hover around 175 yen, or about 1.2 dollars, per liter even if crude prices surge. It says it will also provide the same level of subsidy for light oil, roughly half of it for kerosene and heavy oil, and about 40 percent for aviation fuel. The government says the arrangement will be in place for some two months from June 26. It says it will use an existing fund to finance the measure. The move comes on top of a fixed-amount subsidy to oil wholesalers already in place. That program began last month to stem gasoline prices and counter rising prices. The amount of subsidy has gradually increased to 10 yen per liter.
Reuters
a day ago
- Business
- Reuters
Japan will mitigate potential gasoline price spike, prime minister says
TOKYO, June 19 (Reuters) - Japanese Prime Minister Shigeru Ishiba said on Thursday the government will act to mitigate any impact from a potential surge in gasoline prices due to the Middle East conflict, implementing a preventative measure starting June 26. The government will ensure the nationwide gasoline price on average would not exceed around 175 yen ($1.20) per litre, Ishiba said. Japan already implemented a subsidy aiming to bring down gasoline prices by 10 yen per litre to curb rising energy prices. The country is among the most vulnerable to any supply disruption in the Middle East as it is resource-poor and relies on imports for most of its crude oil, with over 90% sourced from the Middle East. Japan maintains a large national reserve of oil to limit any disruption to supplies. ($1 = 145.3300 yen)
Argaam
2 days ago
- Business
- Argaam
US oil inventories fall 11.5M barrels last week
Crude oil inventories in the US fell more than expected in the week ended June 13, signaling a rebound in US energy demand, according to a report released by the Energy Information Administration (EIA). Crude oil inventories decreased by about 11.5 million barrels last week, compared to expectations for a fall of about 1.6 million barrels. Meanwhile, gasoline inventories increased by 200,000 barrels, and distillate stocks—including diesel and heating oil—rose by 500,000 barrels.
Reuters
2 days ago
- Business
- Reuters
Nigeria to export first gasoline cargo to Asia from dangote refinery, source says
BRUSSELS, June 18 (Reuters) - A 90,000 metric ton cargo of gasoline from Nigeria's Dangote refinery will be sold out of the region for the first time and bound for Asia, a source familiar with the matter said. Since the 650,000 barrel-per-day refinery started gasoline exports last year, the cargoes have stayed in west Africa. Mercuria is due to load the cargo on June 22, the source said. "We sell our products to those who are willing to give us the highest price. It's the buyer's right to take the products to any destination of their choice," a spokesperson for the Dangote refinery said.
Times of Oman
3 days ago
- Automotive
- Times of Oman
Oman's refinery output declines marginally by end of April
Muscat: The total output of refineries in the Sultanate of Oman saw a slight decline of 0.1 percent by the end of April 2025, while the production of automotive fuel in April 2025 decreased by 4.6 percent compared to the previous month, according to preliminary statistics released by the National Centre for Statistics and Information (NCSI). The statistics revealed that the production of regular gasoline (91) increased by 9.8 percent by the end of April 2025 compared to the same period in 2024, reaching 5,782,100 barrels, up from 5,265,500 barrels by the end of April 2024. Sales also rose by 2.5 percent, totaling 4,558,600 barrels compared to 4,446,900 barrels by the end of April 2024. In contrast, the production of premium gasoline (95) declined by 0.3 percent compared to April 2024, reaching 4,108,700 barrels, down from 4,122,800 barrels during the same period last year. Despite this drop in production, sales increased by 1.7 percent, reaching 4,229,400 barrels compared to 4,158,900 barrels by the end of April 2024. The production of gas oil (diesel) decreased by 0.7 percent, recording 10,326,900 barrels compared to 10,399,200 barrels by the end of April 2024. However, sales rose by 4.9 percent, reaching 4,665,300 barrels compared to 4,446,700 barrels in the same period last year. Jet fuel production declined by 8.1 percent, totaling 3,378,000 barrels compared to 3,674,300 barrels by the end of April 2024. Sales also fell by 8.7 percent, reaching 1,247,500 barrels compared to 1,366,700 barrels. As for liquefied petroleum gas (LPG), production reached 2,364,000 barrels, marking a 6.7 percent decline from the same period in 2024, when production stood at 2,534,600 barrels. Conversely, sales surged by 20.2 percent, reaching 1,303,800 barrels compared to 1,084,500 barrels by the end of April 2024. Regarding petrochemicals, the statistics showed an 8.7 percent increase in benzene production, reaching 59,500 metric tons compared to 54,800 metric tons by the end of April 2024. Paraxylene production rose by 10.5 percent, reaching 196,700 metric tons by the end of April 2025. On the other hand, polypropylene production declined by 6.9 percent, recording 112,400 metric tons compared to 120,800 metric tons during the same period last year. Despite this drop in production, sales saw a significant surge of 461.9 percent, reaching 10,800 metric tons compared to 1,900 metric tons in the same period last year. Oman's exports of regular gasoline (91) increased by 4.7 percent by the end of April 2025, reaching 1,041,100 barrels compared to 994,500 barrels by the end of April 2024. Meanwhile, exports of premium gasoline (95) saw a notable rise of 66.3 percent, reaching 690,700 barrels compared to 415,400 barrels in the same period last year. In contrast, gas oil (diesel) exports declined by 23.4 percent, recording 4,560,100 barrels compared to 5,956,500 barrels by the end of April 2024. Jet fuel exports also decreased by 7 percent, reaching 2,046,200 barrels compared to 2,199,500 barrels by the end of April 2024. LPG exports witnessed a sharp decline of 69.8 percent, totaling 53,500 barrels compared to 177,000 barrels by the end of April 2024. Benzene exports by the end of April 2025 reached approximately 58,200 metric tons, marking a 3.6 percent increase compared to 56,100 metric tons by the end of April 2024. Paraxylene exports rose by 29.2 percent, reaching 228,100 metric tons compared to 176,600 metric tons in the same period last year. Meanwhile, polypropylene exports reached 79,200 metric tons, reflecting a 3.8 percent increase compared to 76,300 metric tons by the end of April 2024.
