All articles tagged with #fuel prices
Walmart reports nearly $3 billion in tariff refunds and uses part of the windfall to cut prices for shoppers facing inflation, boosting profit even as U.S. same-store sales rose only 2.6% in the quarter—the slowest in years. The outlook is tempered by higher fuel costs and new Medicare drug-pricing rules, with more than $2 billion in added fuel expenses anticipated this year amid competition from Target and Amazon.
Walmart posted roughly $187.9 billion in revenue and adjusted EPS of $0.81 for the quarter, beating estimates, but US same-store sales rose just 2.6% vs 3.7% expected (the slowest pace since Q4 2020). Traffic and basket sizes were weaker, while e-commerce grew 23% (US +24%). The company raised its full-year outlook and guided Q3 net sales up 3%–3.75% and FY2027 revenue up 4%–5% (with tariff refunds contributing to profit). Management attributed part of the softness to high fuel costs that prompted shoppers to make trade-offs. Walmart stock fell about 9% on the news.
Southwest shipped about 12.6 million gallons of jet fuel from Houston to Los Angeles via the Panama Canal this spring to ease a West Coast supply crunch as jet-fuel prices surged, aided by a Jones Act waiver; the move reflects volatile costs squeezing airline earnings and contributing to higher fares and slower capacity growth across the industry.
Ukraine drone attacks on Russia’s oil facilities and supply networks have triggered broad fuel shortages across Russia, prompting rationing in at least 56 regions, rising prices, empty stations, and long lines; remote areas face logistical strains while the government weighs a diesel-export ban to stabilize the domestic market and regional officials urge stockpiling ahead of harvest and winter.
A Gazprom Neft-operated refinery south of Moscow is expected to remain offline for at least six months after June drone strikes damaged its main distillation unit (53% of capacity) and a newer Euro+ unit (47%), likely delaying the restart until 2027. The plant processed 11.6 million tonnes of oil in 2024, and authorities are weighing a diesel export ban amid rising fuel prices and supply concerns as Russia’s fuel market faces ongoing strain, though officials say the situation is under control.
US average gasoline prices fell below $4 per gallon for the first time since March, offering relief to drivers even as prices remain about 25% higher than a year earlier.
Northwest Russia faces fuel shortages and rationing along the Kola Highway as Karelia and the Murmansk region report 20–80 litre limits, long queues and rising prices amid refinery disruptions blamed on Ukrainian drone strikes; authorities are forming a task force to stabilise the market, though some stations have already closed or run dry.
United Airlines CEO Scott Kirby said a major merger with American Airlines is unlikely after American rebuffed the approach, though United may pursue asset buys such as airport slots or gates to weather higher fuel costs; any deal would require a willing partner, and he argued United’s edge comes from brand and product investments rather than its balance sheet, while denying discussions of a US government golden share and noting JetBlue’s Chapter 11 status makes it a less attractive target.
IATA warns airlines will face an extra $100bn jet-fuel bill in 2026 as prices could rise up to 70%, forcing higher fares and cutting industry profits to about $23bn; long-haul and premium travel may bear most of the increases, with some carriers at risk, while Europe’s biometric border checks (EES) could cause delays, though Greece has opted out for UK travellers.
Georgia’s temporary suspension of the state motor fuel tax will expire at 11:59 p.m. June 2 unless Gov. Kemp extends it again, meaning drivers could see higher prices soon. The tax break saves about 33 cents per gallon (roughly $14 a month) but costs roughly $200 million a month in transportation funding. As of Monday, Georgia averaged $3.79 per gallon (metro Atlanta $3.85); the national average was about $4.32, aided by the suspension. Kemp hasn’t announced an extension, and AAA warns rising prices can delay refueling, while experts suggest refilling before tanks are a quarter full.
Petrol and diesel prices in India have risen for the fourth time in 10 days, with petrol up by ₹2.61 and diesel by ₹2.71 per litre, pushing Delhi’s rates to ₹102.12 for petrol and ₹95.20 for diesel. The hikes, driven by global crude pressures amid Middle East tensions and post-election policy shifts, are higher in several states due to VAT, drawing public criticism of the government’s price management.
Rising fuel costs tied to geopolitical tensions in the Middle East are pushing up summer airline fares, and rewards programs could lose value, meaning travelers may get less value from miles when booking flights.
Higher fuel costs and economic uncertainty are reshaping summer travel: about 65% of Americans have altered plans and 31% have changed destinations or canceled; many opt for shorter, closer-to-home getaways, such as road trips to the Smokies or Montana ranches, instead of long-haul international trips. Some defer bigger trips, while others seek value in disrupted routes or deals. The result is a more calculated, confidence-focused travel season prioritizing ease and safety.
Kenya suspended its nationwide transport strike after government talks on rising fuel costs; a diesel price cut of 10 shillings was announced (petrol unchanged at 214 shillings), but protesters demanded larger cuts. The strike is paused for seven days to allow further negotiations, with a risk of resuming if progress stalls.
India raised retail fuel prices by 3 rupees per liter to offset higher global crude costs, with petrol at 97.77 rupees and diesel at 90.67; authorities blame disruptions from the Iran war and the Strait of Hormuz closure, while PM Modi urged voluntary austerity and Delhi rolled out work-from-home measures and accelerated ethanol blending to cut imports, though experts warn biofuels could impact groundwater and food crops.