Fuel prices

LONDON — U.K. inflation slowed in August on the back of a fall in fuel prices, though food prices continued to rise as the country's cost-of-living crisis ...

The U.K. “With hope, the cap on energy bills may mean inflation is now close to peaking, though last month’s fall could likely be a fluke and we may see inflation climb further still in the months to come,” said Richard Carter, head of fixed interest research at Quilter Cheviot. It was also down from July’s figure of 10.1%. “A fall in the price of motor fuels made the largest downward contribution to the change in both the CPIH and CPI annual inflation rates between July and August 2022,” the ONS said in its report. has been hit by a historic cost-of-living crisis this year as food and energy prices skyrocket and pay increases fail to keep pace with inflation, which has led to one of the sharpest falls in real wages on record. inflation slowed in August on the back of a fall in fuel prices, though food prices continued to rise as the country’s cost-of-living crisis persists.

Consumer Prices Index inflation reached 9.9% in the year to August, down from 10.1% the previous month.

“The easing in the annual inflation rate in August 2022 reflected principally a fall in the price of motor fuels in the transport part of the index,” the ONS said. The ONS stated that the biggest downward pressure on the inflation rate was the price of motor fuels, which has been falling in recent months. The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation reached 9.9% in the year to August, down from 10.1% the previous month.

The EU has laid out plans to raise €140bn (£121bn) by capping revenues for non-gas energy suppliers as part of a radical effort to halt the escalating ...

As such, the Bank of England will have to continue turning the screws. That means the Bank will have to continue raising interest rates, from 1.75pc now to 3pc if not higher. That's down from 10.1pc in July, though it's still not far off the highest level in 40 years. Both S&P 500 futures and Nasdaq futures rose 0.1pc, after a heavy sell-off. It dipped 0.1pc against the euro to 86.79p. In these times, profits must be shared and channelled to those who need it most.” Pubs and brewers will not be able to wait days, let alone months to get clarity on their energy bills. A further rise in food price inflation, from 12.8pc in July to 13.4pc in August, and an increase in clothing price inflation, from 6.9pc to 7.9pc, offset some of the drag on CPI inflation in August from fuel. But companies say this alone will not be enough to unlock Britain’s potentially vast shale gas reserves. Near double digit inflation also reflected higher travel costs. The easing in CPI inflation from 10.1pc in July to 9.9pc in August is a bit of a relief after yesterday’s US CPI shocker, but overall and core UK CPI inflation haven’t peaked yet. In fact, the inflation rate for locally-produced products and services such as dairy and personal care items continued to rise in August; it is home-grown inflationary pressures such as these that are the main concern of the Bank of England.

Lower fuel prices caused an unexpected fall in British inflation in August, offering some respite to households and the Bank of England after inflation hit ...

Factory selling prices also fell slightly on the month. “Overall and core UK CPI inflation haven’t peaked yet. Capital’s Dales said he now expected inflation to peak at 11 per cent in October, when the cap takes effect – below the BoE’s forecast last month of a peak above 13 per cent. The BoE’s task of returning inflation to its 2 per cent target has been made slightly easier, in the short term at least, by new Prime Minister Liz Truss’s decision to cap household energy prices, which had been due to rise 80 per cent in October. CPI rose by 0.5 per cent from July to August on a non-seasonally adjusted basis – below economists’ forecasts for it to rise by 0.6 per cent, the same pace as the month before. The annual rate of consumer price growth fell to 9.9 per cent in August from 10.1 per cent in July, its first drop since September 2021 and below economists’ expectations in a Reuters poll for it to rise to a fresh high of 10.2 per cent.

The Canadian government has declared Monday a federal holiday for the Queen's funeral, but financial markets will function normally. In Case You Missed It. UK ...

Online retailer THG Plc is among the companies due to report results tomorrow. Liz Truss’s plan will do little to curb inflation while repeating the problems wrought by large government spending during the pandemic, writes Richard Cookson for Bloomberg Opinion. For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.

But grocery costs are still surging, with dairy goods a third more expensive than last year.

However, economists highlighted a “concerning” rise in services inflation, which suggests price rises could remain stubbornly high, and force the Bank of England to keep interest rates higher for longer. That means the Bank will have to continue raising interest rates, from 1.75pc now to 3pc if not higher.” This was down from 10.1pc in July and slightly lower than analysts’ estimates for a double digit rise. Near-double digit inflation also reflected higher travel costs. Analysts said Liz Truss's plan to cap energy costs meant price rises were close to their peak. Average prices at the supermarket checkout are 13.4pc higher than a year ago, with many dairy items up by a third.

British consumer price inflation fell for the first time in almost a year in August as a drop in fuel prices offered some unexpected - and probably brief ...

This would be its biggest rate rise since 1989, excluding a brief attempt to bolster sterling during a 1992 exchange rate crisis. Factory selling prices also declined slightly on the month. Annual consumer price growth slowed to 9.9% from July's 40-year high of 10.1%, the Office for National Statistics said on Wednesday. Financial markets see an 80% chance that the BoE will raise rates by 0.75 percentage points to 2.5% on Sept. Register now for FREE unlimited access to Reuters.com LONDON, Sept 14 (Reuters) - British consumer price inflation fell for the first time in almost a year in August as a drop in fuel prices offered some unexpected - and probably brief - respite to households and the Bank of England.

Rise in food and services costs keeps pressure on Bank of England to raise rates.

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The pandemic slashed drivers' revenues. The Russia-Ukraine war adds to their financial woes. And the U.S. dollar isn't helping this time.

“It was a hard blow I had to take,” he says of his decision to sell the two taxis. “When fuel prices go up, I am also forced to increase the prices of my goods so that I am able to make a profit,” Kasi says. “Driving a taxi is the only business I know.” Chari, the economics lecturer, agrees with the move, but says despite such attempts “Zimbabwe remains expensive when compared to neighboring countries such as South Africa and Botswana.” Customers who want to pay in the local currency lose out as a $10 trip would cost them the equivalent of $11 to $13 when paying with Zimbabwean dollars due to its daily drop in value. The father of three has had to increase his fare prices after business started to slow in March. Sanelisiwe Mkhwananzi, a supermarket worker, used to get to and from work by taxi at a cost of $1 each way. “The Russia-Ukraine war has affected global economies and Zimbabwe has not been spared, as the war is also affecting the U.S. But despite treasury moves to enforce the single currency system — at one point outlawing the use of the U.S. Hyperinflation — driven by declines in exports, political corruption and a weak economy — rendered the Zimbabwean dollar so worthless that a In July, Zimbabwe had the second-highest fuel price in Africa, second to Central African Republic, with the price of a liter of petrol in the landlocked country at $1.88 (over $7 per gallon). The spiraling situation is forcing many to leave the industry.

The prices of fuel in Kenya have reached a historic high after the government discontinued the fuel subsidy programme.

The International Monetary Fund (IMF) had been pushing for its scrapping. The government will utilise the Petroleum Development levy to cushion consumers from the otherwise higher prices,” said EPRA in a statement. The industry regulator said there was an increase in the cost of crude oil globally. The fuel subsidy had enabled Kenyans to save more than Sh100 billion that they would have spent on the commodity. EPRA said it had been forced to further stretch its finances by increasing its spending on the subsidy. Last month, the government said it would pump more money into the fuel subsidy.

Kenyans will have to dig deeper into their pockets after the Energy and Petroleum Regulatory Authority (EPRA) announced upward review of fuel prices for the ...

- Loyalists14 September 2022 - 5:10 pm - Origin14 September 2022 - 5:12 pm - Unexpected14 September 2022 - 3:29 pm - Remarkable14 September 2022 - 4:30 pm - Relief14 September 2022 - 6:24 pm - The Truth14 September 2022 - 6:31 pm - Precedence14 September 2022 - 7:14 pm - Own Path14 September 2022 - 5:19 pm - Revealed14 September 2022 - 5:40 pm - captured14 September 2022 - 6:42 pm We kindly request the new administration to continue cushioning the citizens by continuing to subsidize fuel even in the face of government revenue deficit," KTA stated.An undated image of a petrol station in Nairobi.File 194 of 2020.

Petrol price is up by 20.18 a litre, diesel increased by Sh25 while kerosene is up Sh20.

On the other hand, diesel will price has increased by Sh25 and will now retail at Sh165 in Nairobi. In the changes, a litre of unleaded (Petrol) fuel will retail at Sh179.30, with zero subsidy, representing a hike by Sh20.18. •On the other hand, diesel will price has increased by Sh25 and will now retail at Sh165 in Nairobi.

Motorists will pay more at the pump following the increase of fuel prices by the Energy and Petroleum Regulatory Authority (EPRA).

This will be equivalent to the national government development budget. Ruto cautioned that if the subsidy continues to the end of the financial year, it will cost the taxpayer Ksh 280 billion. This coming a day after President William Ruto said he will scrap fuel subsidies noting that the country would spend Ksh 200 Billion if it was to continue implementing the fuel subsidy.

The Energy regulator has made a U-turn and increased electricity prices by 15.7 percent, reversing the January cuts by the former President Uhuru Kenyatta's ...

An increase in energy prices pushes up the cost of production, translating to more expensive consumer goods. This will see the price of a litre of diesel go up by Sh25, after a government subsidy of Sh20. Kerosene has shot up by Sh20, after a subsidy of Sh26.25. Inflation, a measure of the cost of living, climbed to a 62-month high of 8.5 percent from 8.3 percent the prior month. Electricity tariffs were reviewed in January to effect a 15 percent reduction by the Kenyatta administration to ease the cost of living. A litre of diesel is now retailing at Sh165.82 in Nairobi, while kerosene jumped to Sh147.84 on the gradual removal of the fuel stabilisation scheme that sets the stage for a spike in the cost of living. A rise in the fuel and currency surcharge increases the cost of power by reducing the number of units consumers get for a similar amount of money. The regulator traditionally issues the notice on new prices before 7 pm and last night’s delays highlighted the weight of the key decision that directly hampers the pre-election pledge that President Ruto made to Kenyans in a bid to lower the cost of living. Dr Ruto said in his inauguration speech that the economy cannot sustain consumption subsidies in the coming months, pointing to a policy shift that may see him leave the prices of food and fuel to be determined by the market forces of supply and demand. The regulator has also almost doubled the forex charge from Sh0.7 to Sh1.3 -- a high last seen in January 2021, reflecting the impact of the shilling decline on power bills -- and adjusted the pricing to higher inflation of Sh0.67. The FCC is the single-biggest variable cost that is adjusted monthly and is collected by Kenya Power on behalf of the expensive thermal power generators. The energy regulator has made a U-turn and increased electricity prices by 15.7 percent, reversing the January cuts by the former President Uhuru Kenyatta administration, in what has handed consumers a twin blow in the wake of higher fuel prices.

The Energy and Petroleum Regulatory Authority has announced that Super will retail at Sh179.30, diesel at Sh165 and Kerosene at Sh147.94, ...

"On fuel subsidy alone, the taxpayers have spent a total of Shh144 billion, a whopping Sh60 billion in the last four months. President Ruto faces a tough balancing act to lower the cost of living and end the fuel subsidy. The fact that Kenya has spent an average of Sh9 billion on diesel, super fuel, and kerosene subsidies since April of last year underscores the subsidy’s detrimental effects on the ex-chequer. In the notice issued on Wednesday midnight, EPRA announced an increase in the price of diesel, super and Kerosene. “Although the subsidy for super petrol has been removed, a subsidy of Sh20.82 per litre and Sh26.25 per litre has been retained for diesel and kerosene respectively in order to cushion consumers from the otherwise high prices,” EPRA said in the notice. The Energy and Petroleum Regulatory Authority has issued the latest guidelines on the price of fuel in the country.

Epra makes a U-turn and increases electricity prices by 15.7 percent, reversing the January cuts by former President Uhuru Kenyatta's administration.

An increase in energy prices pushes up the cost of production, translating to more expensive consumer goods. This will see the price of a litre of diesel go up by Sh25, after a government subsidy of Sh20. Kerosene has shot up by Sh20, after a subsidy of Sh26.25. Inflation, a measure of the cost of living, climbed to a 62-month high of 8.5 percent from 8.3 percent the prior month. Electricity tariffs were reviewed in January to effect a 15 percent reduction by the Kenyatta administration to ease the cost of living. A litre of diesel is now retailing at Sh165.82 in Nairobi, while kerosene jumped to Sh147.84 on the gradual removal of the fuel stabilisation scheme that sets the stage for a spike in the cost of living. A rise in the fuel and currency surcharge increases the cost of power by reducing the number of units consumers get for a similar amount of money. The regulator traditionally issues the notice on new prices before 7 pm and last night’s delays highlighted the weight of the key decision that directly hampers the pre-election pledge that President Ruto made to Kenyans in a bid to lower the cost of living. Dr Ruto said in his inauguration speech that the economy cannot sustain consumption subsidies in the coming months, pointing to a policy shift that may see him leave the prices of food and fuel to be determined by the market forces of supply and demand. The regulator has also almost doubled the forex charge from Sh0.7 to Sh1.3 -- a high last seen in January 2021, reflecting the impact of the shilling decline on power bills -- and adjusted the pricing to higher inflation of Sh0.67. The FCC is the single-biggest variable cost that is adjusted monthly and is collected by Kenya Power on behalf of the expensive thermal power generators. The energy regulator has made a U-turn and increased electricity prices by 15.7 percent, reversing the January cuts by the former President Uhuru Kenyatta administration, in what has handed consumers a twin blow in the wake of higher fuel prices.

NAIROBI, Kenya, Sep 15 - Kenyans will have to dig deeper into their pockets to purchase fuel starting Thursday, as the new government commences the Kenya ...

EPRA said that although the subsidy for petrol had been removed, a subsidy of Sh20.82/litre and Sh26.25/litre had been retained for diesel and kerosene respectively in order to cushion consumers from the high prices. A litre of diesel will retail at Sh165, a Sh25 increase while kerosene, mostly consumed by low income households has increased by Sh20 retailing at Sh147.94 per litre. In the latest monthly review by the Energy and Petroleum Regulatory Authority (EPRA), the price of petrol is up by Sh20.18 to retail at Sh179.30 per litre in Nairobi.

Petrol price is up by 20.18 a litre, diesel increased by Sh25 while kerosene is up Sh20.

On the other hand, diesel price has increased by Sh25 and will now retail at Sh165 in Nairobi. •On the other hand, diesel will price has increased by Sh25 and will now retail at Sh165 in Nairobi. The price of Kerosene has increased by Sh20 meaning it will retail a Sh147.94 in Nairobi.

Fuel prices in Kenya surged to record highs on Thursday after the new government slashed subsidies, piling on misery for a population already facing deep ...

Inflation soared to a 65-month high of 8.5 percent in August, while the currency is at record lows at around 120 shillings to against the dollar. Prices for basic goods skyrocketed in the wake of Covid pandemic and the war in Ukraine, and unemployment remains a major problem, particularly among the young. The price of petrol increased by 20 shillings to 179.30 (about $1.50) per litre while diesel and kerosene prices are up by 20 and 25 shillings respectively, the Energy and Petroleum Regulatory Authority (EPRA) said.

Fuel prices rose to a new record high after Kenya's energy regulator announced Wednesday that subsidy for super petrol would end starting from September 15.

In june, the The East African political and economic powerhouse is reeling from a once-in-a-generation drought and inflation is at five-year highs. The energy regulator said late on Wednesday night that it had removed the subsidy for super petrol, while retaining a smaller subsidy for diesel and kerosene.

The fuel price in Kenya surges to a new high following the nation's removal of fuel subsidies. The Energy and Petroleum Regulatory Authority (EPRA) ...

We kindly request the new administration to continue cushioning the citizens by continuing to subsidize fuel even in the face of government revenue deficit," KTA stated. The subsidy removal was not positively received when the president made the announcement during his inaugural speech. The price for Super petrol, typically used by private motorists will surge from 160 shillings to 179 shillings.

In the latest monthly review by the Energy and Petroleum Regulatory Authority (EPRA), the price of petrol is up by Sh20.18 to retail at Sh179.30 per litre in ...

EPRA said that although the subsidy for petrol had been removed, a subsidy of Sh20.82/litre and Sh26.25/litre had been retained for diesel and kerosene respectively in order to cushion consumers from the high prices. A litre of diesel will retail at Sh165, a Sh25 increase while kerosene, mostly consumed by low income households has increased by Sh20 retailing at Sh147.94 per litre. In the latest monthly review by the Energy and Petroleum Regulatory Authority (EPRA), the price of petrol is up by Sh20.18 to retail at Sh179.30 per litre in Nairobi.

A litre of super petrol in Nairobi is now retailing at Sh179.30, while a litre of diesel is retailing at Sh165.00.

These are prices as of September 12, 2022. Here, super petrol is going for Sh147.25 and diesel retailing at Sh146.69. [Ethiopia](https://www.standardmedia.co.ke/business/business/article/2001443183/how-kenya-fuel-prices-compare-with-other-african-nations), petrol is currently being sold at Sh111.76, while diesel is going for Sh112.28 Petrol was retailing at Sh186.23 and diesel at Sh186.53 as of August 22, 2022. [A litre of super petrol in Nairobi](https://www.standardmedia.co.ke/business/article/2001455719/fuel-prices-reach-historic-high-as-government-ends-subsidy) is now retailing at Sh179.30, while a litre of diesel is retailing at Sh165.00. According to Tanzania’s regulatory agencies, a litre of Super petrol is currently retailing at Sh157.41 while diesel is being sold at Sh173.53.