Australian Prime Minister Anthony Albanese announced a 50 per cent reduction of the fuel excise, a move aimed at mitigating the impact of the global fuel crisis stemming from the escalating military conflict in the Middle East.
Benchmark Brent oil prices jumped above $119 a barrel on Thursday after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war. Meanwhile, Middle East benchmark Dubai and Oman premiums hit all-time highs at about $65 per barrel, according to trade sources and Reuters data.
The committee responsible for setting and monitoring petroleum product prices in Bahrain has set new fuel prices in the kingdom.
ADNOC Distribution, First Abu Dhabi Bank (FAB), and Mastercard launched the ADNOC Rewards Credit Card in the UAE, offering cardholders 15% back in ADNOC Rewards points on fuel, car care, and convenience store purchases, providing premium benefits across the country’s largest fuel and convenience network.
Honeywell has introduced a new technology that converts agricultural and forestry waste into ready-to-use renewable fuels for hard-to-abate sectors, such as the maritime industry.
The US is on track to export a record amount of fuel ethanol for the second year in a row in 2025, driven by growing international demand. This growing market for exports is supporting increased US fuel ethanol production, even as domestic consumption stagnates, according to US Energy Information Administration (EIA) report.
Bahrain has launched the largest financial and tax reform package in its history to address a soaring $50 billion public debt, said media reports. The key fiscal reforms plan includes raising fuel and natural gas prices and bringing changes to corporate income tax and spending cuts.
