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Australian petrol prices are at record highs, but it''s not just at the service station that your wallet is likely to feel the pain, explains Michael Janda.

The event showed just how much the city hasn’t changed, in which staggering wealth and abject poverty coexist without ever really touching, like oil and vinegar

LONDON, Feb 14 (Reuters) - North Sea benchmark crude differentials hit new record highs on Monday as Trafigura bid up Forties, Brent Blend and Ekofisk. * S&P Global Platts has proposed including U.S. crude oil grade WTI Midland in its daily dated Brent

Gas prices are at an eight-year high and crude oil futures are up 24% year-to-date. Tensions between Russia and Ukraine are putting upward pressure on the cost of both.

The Dow fell Monday but oil prices rose toward seven-year highs as tensions between Russia and the West continue.

Petrol, oil and gas have also recorded rebounding prices as tensions between Russia and the West fester into fears of conflict in Ukraine.

The House of Representatives Ad Hoc Committee on the State of Refineries in Nigeria would invite top Government, NNPC officials, and petroleum stakeholders to investigate the inability of the country to refine its crude oil. The Ad Hoc Committee inaugurated on February 3, 2022, began an investigation of the current state of the country’s four refineries and the amounts spent on the ‘Turn-Around Maintenance’ of the national assets. Chairman of the committee, Ganiyu Johnson, after the inauguration of the panel, disclosed that stakeholders in the petroleum sector would soon begin to appear before the lawmakers. According to reports, the Government officials listed to appear before the committee include; the Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN); and Minister of State for Petroleum Resources, Timipre Sylva. The committee also listed the Accountant-General of the Federation, Ahmed Idris; Auditor-General of the Federation, Adolphus Aghughu; and the Director-General, Budget Office, Ben Akabueze.

U.S. equity futures slumped lower Monday, while Treasury bond prices jumped and oil re-asserted its recent seven-year highs, as investors heeded warnings from the White House that Russia could be preparing an invasion of Ukraine as early as this week.

Following the market disruption to the supply chain of Premium Motor Spirit (PMS) and the nationwide long queues that greeted the importation of millions of dirty fuel from Europe into Nigeria, Mele Kyari, the group managing director/CEO, Nigerian National Petroleum Company (NNPC) Ltd, has reassured Nigerians that the NNPC is working to curtail the situation, He stated that that the current challenges with supply of the product across the country, “is within our control”. Kyari stated this over the weekend at the birthday, book launch and retirement party of Johnson Awoyomi, the outgoing Managing Director of the National Engineering and Technical Company (NETCO), a subsidiary of the NNPC. Kyari, who was the chief launcher, said the imported off-spec products have been contained, while loading and distribution to filling stations was ongoing. According to Kyari the books were very vital to operators in the industry as they provided solutions to some of the current challenges in the oil and gas sector.

The Reserve Bank''s inflation projections, Das said, are "robust" but contingent on downside and upside risks associated with the movement of global crude oil prices

The AA has said that petrol jumped to 148.02p per litre on Sunday, rising above the previous record high of 147.72p from November 21.

The AA has said that the average petrol prices in the UK have surpassed 148p/litre (176 euro cents) for the first time, rising above the previous record high of 147.72p/litre (175 euro cents) on 21 November last year. The new high piles further pressure on already stretched motorists who have faced a string of price [] The post Average UK petrol and diesel prices hit record high appeared first on Euro Weekly News Spain .

Fears for energy security are driving MPs back towards fracking and oil.

BASRA/LONDON: A $27-billion deal between France''s Total and Iraq, that Baghdad hoped would reverse the exit of oil majors from the country, has stalled amid disputes over terms and risks being scrapped by the country''s new government. Iraq has struggled to attract major fresh investments into its energy industry since signing a flurry of post US-invasion deals over a decade ago. The Iraqi government has cut oil output targets repeatedly as international oil companies that signed those initial deals leave due to poor returns from revenue sharing agreements. Total agreed last year to invest in four oil, gas and renewables projects in the southern Basra region over 25 years. The deal, signed by Iraq''s oil ministry in September 2021 followed a visit from French President Emmanuel Macron. The ministry, however, did not have agreement on the deal''s financial details with all the government departments that needed to approve it, three Iraqi oil ministry and industry sources involved or familiar with the negotiations told Reuters, and it has been mired in disputes ever since.

The price of fuel at the pump has risen with petrol at 148.02p a litre and diesel at 151.57p.