fuel prices | Axios Times

UK eases sanctions on Russian oil amid fuel price surge

The UK government has eased sanctions on imports of Russian crude oil refined in third countries such as India and Turkey, as fuel prices surge due to the Iran war and Strait of Hormuz closure. The indefinite trade license allows imports of Russian jet fuel and diesel, while a temporary license also relaxes restrictions on Russian liquefied natural gas. The move has drawn criticism from the opposition Conservative Party and the European Union.

May 20, 2026

Economy

Kenya transport operators suspend strike, demand diesel price cut

Kenya transport operators have suspended a strike that disrupted supply chains in Nairobi and major cities after their demand for an immediate diesel price cut was ignored. They have threatened to resume the strike if the government does not intervene this week, pending a decision from the Energy Ministry.

May 19, 2026

World

Iran Conflict Drives Fuel Prices Higher, Pushing Asian Nations Toward Ethanol and Biofuels

The Iran conflict has disrupted oil shipments, driving up fuel prices across Asia and prompting governments such as India's to accelerate adoption of ethanol and biofuels. The long-term shift toward alternative energy could reshape the region's energy mix, but immediate hardships for consumers persist.

May 18, 2026

Economy

South Korea Launches Second Round of Cash Support for Citizens Amid Middle East Crisis

South Korea starts accepting applications on Monday for a second cash support package targeting the poorest 70% of households. The program aims to mitigate financial strain from rising fuel costs due to the Middle East crisis. Payments will be made directly to bank accounts, with authorities prepared to expand measures if needed.

May 18, 2026

Economy

Trump Announces Gas Tax Pause as US Fuel Prices Soar

President Donald Trump announced a temporary suspension of the 18-cent federal gas tax to combat rising fuel prices. The move requires congressional approval and faces mixed reactions from lawmakers. Gas prices have surged since the US-Israel conflict with Iran began in late February.

May 11, 2026

World

Trump administration considers temporary halt to federal gas tax

The Trump administration is considering a temporary suspension of the federal gas tax to combat rising fuel prices, according to administration sources. The move could provide immediate relief to consumers but raises concerns about funding for infrastructure projects.

May 11, 2026

Economy

Fuel price surge threatens economic and political crisis in Pakistan

Pakistan's fuel import costs have surged due to the Middle East conflict, threatening chain reactions across the economy and putting pressure on Prime Minister Shehbaz Sharif's government. The country faces soaring inflation, debt pressures, and limited options amid IMF scrutiny.

Apr 30, 2026