Britain’s petrol and diesel prices have reached record highs, according to new figures. Statistics from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 167.6 pence. The previous record of 167.3p was set on March 22, the day before a 5 pence cut in fuel…
Memory Chip Maker Micron Launches New Pricing Experiment for Stability
SAN FRANCISCO—Chipmaker Micron Technology Inc. on Thursday announced it was experimenting with a new pricing model for its chips called forward pricing agreements that would aim to stabilize the steep price fluctuations that plague the industry. “I’m super excited to announce that a top 10 customer has already signed up on this model with us,…
Singapore Raises Electricity Tariff by 10 Percent Amid Global Energy Price Surge
The electricity tariff in Singapore is to increase by about 10 percent from April 1 to June 30 as the Russia–Ukraine war drives up global oil and gas prices, said SP Group, the country’s state-owned electricity and gas distributor, in a press release on March 31. Excluding goods and services tax, the household electricity tariff…
US Import Prices Accelerate in March on Petroleum
April 16, 2022
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WASHINGTON—U.S. import prices accelerated by the most in 11 years in March due to a surge in petroleum prices. Import prices jumped 2.6 percent last month, the largest rise since April 2011, after increasing 1.6 percent in February, the Labor Department said on Thursday. In the 12 months through March, prices raced 12.5 percent, the…
Russia’s Central Bank Says It Will Stop Buying Gold at a Fixed Price
April 8, 2022
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Russia’s central bank said on Thursday that due to a “significant change in market conditions” it would buy gold from commercial banks at a negotiated price from April 8. On March 25, the bank had said it would buy gold at a fixed price of 5,000 rubles a gram until June 30. Since that announcement,…
UK Drivers Suffer Biggest Monthly Surge in Fuel Prices
Drivers were hit by the largest monthly spike in pump prices on record in March, despite a cut in fuel duty, according to new analysis. The RAC said the average cost of a litre of petrol at UK forecourts rose by 11.6p to end the month at 163.3p. Diesel prices rose even more sharply, up…
US Auto Sales Slide in Q1; Toyota Outsells GM
U.S. automakers on Friday reported a slump in first-quarter domestic sales, as the entire industry was slammed by chip shortages and disruptions to supply chains. Toyota, which in 2021 upstaged GM as the top-selling automaker in the United States, outsold the company in the first quarter on increased demand for its Lexus hybrid and electric…
Seafood Biz Braces for Losses of Jobs, Fish Due to Sanctions
PORTLAND, Maine—The worldwide seafood industry is steeling itself for price hikes, supply disruptions, and potential job losses as new rounds of economic sanctions on Russia make key species such as cod and crab harder to come by. The latest round of U.S. attempts to punish Russia for the invasion of Ukraine includes bans on imports…
Oil Prices Dive as OPEC+ Stuck to Its Existing Deal for May Output
LONDON—Oil prices plunged on Thursday, while OPEC+ stuck to its existing deal for May output. Brent crude futures for May, which expire on Thursday, were down $5.91, or 5.21 percent, to $107.54 a barrel by 1253 GMT. The most actively traded June futures were down $5.53 at $105.91, after falling by $7. U.S. West Texas…
UK Energy Firms ‘Increasing Direct Debits Disproportionately to Price Cap Rise’
Energy companies are increasing customers’ direct debits disproportionately to the price cap increase and the regulator should “crack down” on the wide scale practice, MPs have been told. Money Saving Expert founder Martin Lewis warned about “worrying issues” over energy companies increasing customers’ direct debits disproportionately to April’s 54 percent increase to Ofgem’s price cap,…
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