Faced with enormous political pressure to tighten the oversight of energy trading, federal regulators said Thursday that they have been investigating oil and derivative markets for six months to look into potential price manipulation. The revelation came as the agency, the Commodity Futures Trading Commission, also announced a series of measures intended to heighten regulatory supervision of energy trading and bring "greater sunshine' into the commodities markets.

Govt's Wavering Stand On Fuel Prices Is Bleeding Oil Marketing Companies Our Bureau MUMBAI

The economic analysts argue that there are many reasons; direct and indirect, behind the current oil price hike. They mainly attribute to the developments in China and India which had increased the consumption levels of the fuel per day. This situation had led the Organisation of Petroleum Exporting Countries (OPEC) to a problem since its output cannot match the increased demand from these two nations.

Melbourne petrol prices have hit an all-time high of 164.9 cents a litre today. As crude oil futures dipped below $US129 a barrel this morning, the city's unleaded petrol prices surpassed last week's record high of $162.9. The average price so far today is 149.9 cents per litre of unleaded fuel - almost 20 cents above the average of 130.4 cents paid by motorists in May last year, according to the RACV. The lowest price is 145.9 cents in Highett and Moorabbin. Motormouth director Alan Cadd said today's record high reflected crude oil price spikes over the past fortnight.

Govt Tries Balancing Act To Protect Consumers And Burdened Oil Companies Rajeev Jayaswal NEW DELHI THE government is working on a dual strategy of fuel price hikes coupled with duty cuts to shield consumers and cash-strapped oil companies.

As prices near

Japan's average retail price of regular gasoline rose to an all-time high of 159.20 yen per liter as of Monday, surpassing the previous record of 155.50 yen set last December, the Oil Information Center said Wednesday. The average price was up 5.80 yen from last Thursday, when many gas stations raised retail gasoline prices on the revival of an extra tax of 25.10 yen per liter.

The CNG conversion kits prices reached historic peak after witnessing 10 percent further increase following the fresh hike in petroleum products. The prices of CNG kits were earlier increased twice soon after the increase in gasoline rates, which had been raised four times during the last two months.

With gasoline prices at record highs, a station in Nashville posted prices in terms other than dollars and cents on Sunday. Gasoline sells currently for $3.61 a gallon on average, AAA says. Oil jumped to another record on Tuesday, and the government said it expected gasoline prices to peak at a national average of $3.73 a gallon in June, just as the summer driving season kicks off. )

The government has increased petroleum products' prices for next 15 days by Rs 3 per litre except kerosene oil to pass on the impact of surge in international market rates to the consumers. The new prices will be effective from May 1 (today).