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Japanese Prime Minister Sanae Takaichi has instructed officials to prepare for the continuation of fuel price subsidies to curb gasoline costs. The move aims to alleviate the burden on households and businesses amid rising energy prices and inflation concerns.
Canada's annual inflation rate hit 3.2% in May, a 29-month high, fueled by a 33.2% surge in gasoline prices. The rate breached the Bank of Canada's 1-3% target range for the first time in nearly two and a half years. Economists expect May to be a peak as a U.S.-Iran peace deal is set to lower oil prices in June.
A preliminary ceasefire deal between the US-Israel coalition and Iran has sent crude oil prices to a three-month low, but U.S. gasoline prices may not drop meaningfully for months. Supply chain bottlenecks, the need to replenish inventories, and high summer demand are expected to keep prices elevated into 2027.
At least four people have been killed and 30 others injured in nationwide protests in Kenya against steep fuel price hikes. Hundreds have been arrested as transport strikes crippled major cities, including Nairobi and Mombasa.
