As crude oil prices climbed past $110 a barrel, people across the world began to feel the impact of the US-Iran war and the damage it has caused to global energy supply. Governments in several parts of the world moved to deal with the crisis as panic spread among the public over rising petrol, diesel and energy prices.
Many countries have increased efforts to avoid fuel shortages. The near closure of the Strait of Hormuz has pushed Saudi Arabia, the world’s largest oil exporter, to cut output, according to reports.
Here’s a country-wise breakdown of the efforts being taken:
India has asked refineries to increase production of LPG for household use. Vietnam’s trade ministry has urged businesses to allow employees to work from home to help cut fuel use amid supply problems and rising prices linked to the Iran war.
South Korea, which relies heavily on trade and imported fuel, has raised concern over Iran’s attacks on energy infrastructure and efforts to shut the Strait of Hormuz. President Lee Jae Myung said on Monday that the government will place a cap on domestic fuel prices for the first time in almost 30 years to curb price increases.
Pakistan has introduced fuel-saving steps after oil prices crossed $100 and gas supplies from the Middle East were disrupted, leading to panic buying in the import-dependent South Asian country.
China increased crude purchases during the first two months of the year as it continued building oil reserves to prepare for possible supply disruptions. Japan’s government has asked a national oil reserve site to get ready for a possible crude release.
Egypt increased the prices of several fuel products on Tuesday, the petroleum ministry said, as countries in the region continue to face rising global oil and gas prices.
Bangladesh carried out inspections on Sunday to check fuel stock levels, the country’s energy ministry said. Authorities in Dhaka also introduced fuel rationing on Sunday, placing limits on how much fuel certain vehicles can buy, amid panic buying and hoarding after warnings of possible supply disruptions.
