Page last updated at 17:09 GMT, Tuesday, 3 June 2008 18:09 UK

Soaring cost of oil

The rising cost of oil is having a major impact on the world's economies, with the fall-out being felt by both consumers and businesses.

As the oil prices continue to increase - now at a record high of $135 a barrel - BBC business reporters assess the impact in their area.

SOUTH ASIA

How India's subsidised oil market is coping

The soaring oil price is having a "huge impact" on India's fast-growing economy.

By some estimates, Indian oil companies are losing up to $100m a day.

Karishma Vaswani, the BBC's India business correspondent explains how susidies work in the Indian market.

EUROPE

Why fuel prices affect the cost of food

The rising cost of fuel is one of the factors behind higher food prices across Europe, with higher transport costs forcing manufacturers to charge more for their products.

The BBC's Europe business reporter Duncan Bartlett explains how rising fuel costs are linked to the price of chips.

ASIA PACIFIC

Oil price impact in the region

Sky-high oil prices are sending "major shockwaves" through the economies in the Asia-Pacific region.

The rising fuel costs, coupled with the high cost of rice, are pushing inflation rates to levels not seen for decades.

Singapore business reporter Juliana Liu reports.

FUEL ALTERNATIVES

Why is the government insisting on the use of biofuels in petrol when even some ministers are voicing their concern? Jackie Long reports.

Newsnight investigates the potential use of biofuels

FROM THE ARCHIVES

In 1974 drivers in Britain were forced to adhere to new speed limits in an attempt to save fuel.

Drivers adapt to new speed limits on British roads

In 1973 there were long queues at many petrol stations as people raced to fill up their cars after fuel was rationed.

Queues form at petrol stations in 1973




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