Daily Brief: Canada Gasoline Surges 85% as Global Fuel Markets Tighten

Canada posted the most dramatic shift in Nexignis tracking, with gasoline prices surging 85.1% to $1.330 per liter over the past seven days. According to Reuters reports, the country's oil and gas investment climate is improving, while CBS News notes that U.S. gas prices are also soaring despite America being the world's leading oil producer. An energy analyst cited by the St. Albert Gazette expects prices in Alberta to keep rising.

In contrast, Australia saw gasoline drop 17.0% to $1.280 per liter, though the Australian Broadcasting Corporation reports that the pace of fuel price rises is slowing. Malaysia (-8.4% to $0.989/L), India (-8.2% to $1.066/L), and Nigeria (-6.7% to $0.929/L) also recorded declines. Per the South China Morning Post, Malaysia has vowed to hold petrol prices despite the Iran war pushing oil past $100. India raised fuel prices for the fourth time, according to OilPrice.com, as the oil crisis hits consumers.

Looking ahead, the SMH.com.au warns that Australian fuel prices could face a July surge if the Strait of Hormuz remains shut. The IEA has highlighted [news reports indicate] on consumers amid Middle East supply disruptions, as reported by the agency. Elevated oil prices continue to compound Southeast Asia's fossil fuel subsidy challenge, per IEEFA analysis.