Business
South Korea has announced a two-month prolongation of its temporary fuel tax reduction scheme, now extending until the end of November 2026. This decision was made to protect both domestic consumers and logistics operators involved in industry sectors. The policy extension retains the existing tax reductions of 15 percent for gasoline and 25 percent for diesel and liquefied petroleum gas butane, ensuring their continued application at fuel stations nationwide. The excise tax on gasoline remains capped at 698 won per liter, representing a 122 won discount from the standard rate. Diesel tax remains fixed at 436 won per liter, providing a reduction of 145 won, while butane’s excise rate stays at 152 won per liter, offering a 51 won discount per unit. The extension of the fuel tax cut scheme aims to help control domestic inflation expectations amid ongoing international supply constraints affecting energy markets.
India has cautioned Washington that the proposed tariffs on nations importing Russian crude could negatively impact bilateral relations and interfere with worldwide commodity markets. This warning came in the wake of the United States House of Representatives passing the Sanctioning Russia and Iran Act of 2026, which authorizes the government to impose tariffs of up to 100 percent on significant purchasers of Russian energy. India commits to ensuring its energy security for its citizens while retaining the flexibility to buy oil from global suppliers based on prevailing market conditions.
Spot gold dropped 1 percent to $4,249 per ounce, reaching multi-session lows amid rising sovereign yields and tighter monetary policies. The ascent in interest rates has elevated the opportunity cost of holding physical gold, prompting institutional investors to reallocate assets into fixed-income instruments. Saudi Arabia, Oman, Qatar, and Bahrain quickly increased their key benchmark interest rates in response to the Federal Reserve’s decision. The sustained strength of sovereign bond yields and foreign exchange rates has dampened physical commodity demand, curbing upward momentum in spot gold prices.
Oman inflation reached 3.4% in August 2026 as transport and food prices increased. Transport experienced the largest annual increase among major consumer categories, rising 8.5% compared to August 2025. Food and non-alcoholic beverages grew by 7%, while miscellaneous personal goods and services saw a 6.1% increase. Restaurants and hotels prices went up 3.6%, and furniture, household equipment, along with routine household maintenance, increased by 3.1%. Education costs rose 2.2%, health expenses increased 1.7%, and prices for culture and recreation edged upward by 0.4% over the same period. Prices for clothing and footwear saw a minimal increase of 0.1% annually, whereas communications and tobacco prices remained stable. The only main category to decline was housing, water, electricity, gas, and other fuels, which fell 0.6%. The August data revealed varied price changes within the consumer basket, with transportation and food experiencing the most significant increases. Inflation rates also differed across Oman’s governorates, ranging from 2.1% to 4.8% annually. Transportation and Food Prices Drive Yearly Inflation In August, Al Dhahirah registered the highest governorate inflation rate at 4.8%. Muscat followed at 3.9%, with Al Dakhiliyah at 3.8%, and Al Wusta at 3.4%. Both Musandam and
UAE President Sheikh Mohamed bin Zayed Al Nahyan engaged in talks with leading German corporate executives to bolster cross-border investments and strengthen trade ties between the two nations. Emphasizing the UAE’s role as a global logistics hub and its investor-friendly regulatory framework, Sheikh Mohamed called on German industrial leaders to broaden their footprint in Middle Eastern and international markets. The discussion highlighted new commercial prospects emerging from recent bilateral accords across manufacturing, renewable energy, and digital sectors.
India and Russia have committed to accelerating their economic partnership, with the goal of hitting a two-way trade volume of $100 billion by the year 2030. The initiative was discussed during high-level plenary sessions at the INNOPROM India 2026 industrial technology exhibition in New Delhi. Officials from both countries laid out a framework aimed at boosting trade from its current level of about $60 billion. India Russia bilateral trade target set at $100 billion by 2030 as diplomatic delegations and industrial leaders move to rebalance commercial flows through non-energy sector expansion.