Auto Industry News

Oil prices rose about 4% as U.S. gasoline prices jumped to a record high.

India is considering selling up to a quarter of state-run refiner Bharat Petroleum Corp Ltd after failing to attract suitors for the whole firm.

Oil prices settled slightly higher as a planned European Union ban on Russian oil and easing of COVID-19 lockdowns in China countered concerns that slowing economic growth will hurt demand.

Long queues snaked around gas stations in Sri Lanka's commercial capital and its outskirts on Monday even though the island nation's government was scrambling to deliver fuel supplies and douse any unrest as it battles a devastating economic crisis.

"We're not there yet," European Commission President Ursula von der Leyen said. Estonian Prime Minister Kaja Kallas said it was more realistic to expect an agreement next month.

The volumes of India's seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia's Black Sea port, but mostly supplied by Kazakhstan's subsidiaries of western countries as transit volumes.

The NHTSA told Reuters the agency "is aware of the incident and has reached out to the manufacturer for information."

Ministers from the G7 group stressed that they would not let the energy crisis derail efforts to fight climate change.