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Ottawa Suspends Federal Fuel Excise Tax as Iran Conflict Sends Prices Soaring

The federal government has moved to blunt the latest surge in fuel costs, announcing a temporary suspension of Canada’s federal fuel excise tax as the Iran war pushes global oil benchmarks to their highest levels since 2022. Finance Minister Mark Carney said the measure is designed to “provide immediate relief to Canadians” as geopolitical tensions ripple through global supply chains. The excise tax—10 cents per litre on gasoline and 4 cents on diesel—has been lifted nationwide for an initial 90‑day period. Ottawa estimates the suspension will save the average driver $6–$10 per fill‑up , with larger savings for rural and northern households who rely heavily on long‑distance travel and diesel‑powered transport. The move comes as crude prices spike on fears of supply disruptions through the Strait of Hormuz, a critical shipping corridor for global oil flows. Canadian refiners and retailers have already passed higher wholesale costs through to consumers, with pump prices rising 12–18 ...
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Asian Stocks Mixed Amid Volatile Yen After Wall Street Climbs on Inflation Report

 

Global stocks exhibited mixed performance today, with the Japanese yen experiencing fluctuations following the latest U.S. update on inflation. Wall Street’s growing belief in potential relief on interest rates as early as September influenced market dynamics.

Key Points:

  • Yen Volatility: The yen oscillated between gains and losses, losing some ground against the U.S. dollar. Speculation arose that Japanese authorities might have intervened to amplify the impact of milder U.S. inflation data.

  • U.S. Futures: S&P 500 and Dow Jones Industrial Average futures edged 0.1% higher, reflecting optimism about interest rate relief.

  • European Markets: Germany’s DAX rose 0.3%, the CAC 40 in Paris gained 0.8%, and London’s FTSE 100 added 0.4%.

  • Asian Markets:

    • Tokyo’s Nikkei 225 index declined 2.5%.
    • Hong Kong’s Hang Seng index climbed 2.6%.
    • Shanghai Composite index remained nearly unchanged.
    • Australia’s S&P/ASX 200 rose 0.9%.
    • South Korea’s Kospi slipped 1.2%.
    • Taiwan’s Taiex declined 2%.

  • Data Releases: Watch for the U.S. producer price index and inflation readings from Germany, France, and Italy later today.

  • Wall Street: Despite pullbacks for some tech giants, four out of five stocks in the S&P 500 index climbed.



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