The current scenario in the energy sector, with high prices and shortages, has led the European Central Bank to take a more serious stance regarding possible measures if inflation in the region continues to rise.

Currently, there is considerable concern and mistrust due to rising fuel prices, shortages, and increased electricity prices as a consequence of the Iran conflict.

In this regard, the Governor of the Bank of France and member of the ECB Governing Council, François Villeroy de Galhau, stated that “the institution will do whatever is necessary to bring inflation back to the 2 % target in the medium term.”

Amid the escalating conflict in the Middle East, Eurozone inflation rose to 3 % in April, up from 2.6 % in March. “The increase coincided with a surge in energy prices, particularly gasoline, diesel, and jet fuel, which have skyrocketed in recent months.”

The ECB’s main concern is that the effects of the war will spill over into key sectors for each country, such as “wages, inflation expectations, and pricing across the economy—what is known in monetary policy as second-round effects.”

M.Pino

Source: diariobitcoin

(Reference image source: Guillaume Périgois on Unsplash)

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China’s National Development and Reform Commission announced a reduction in retail prices of gasoline and diesel starting this Wednesday. This measure is taken in response to recent changes in oil prices on the international market.

According to the country’s top economic regulator, gasoline prices will experience a decrease of 340 yuan ($47.62) per ton, while diesel will be adjusted by 330 yuan ($46.36) per ton.

In line with the current pricing mechanism, which responds to significant variations in crude oil prices in the global market, this reduction comes after previous announcements by the commission.

On November 7, the price of gasoline had already experienced a decrease of 140 yuan ($19.51) per ton, adding to two additional cuts in October, one of 70 yuan ($9.75) and another of 80 yuan ($11.84).

Additionally, the Chinese government has instructed the country’s major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, to maintain production and facilitate transportation to ensure the stability of fuel supply.

K. Tovar

Source: UniónRadio

(Reference image source: Dawn McDonald)

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