Governments worldwide are taking drastic measures to shield consumers from soaring energy costs resulting from the U.S.-Israeli war on Iran.
India has reviewed its fuel exports, assessing requests from neighboring countries and approving exports only if it has surplus volumes. The country has also barred consumers with piped natural gas from retaining, obtaining, or refilling domestic liquefied petroleum gas cylinders.
Other countries have implemented various measures, including South Korea's easing of limits on coal-fired power generation capacity and raising nuclear power plant utilization to 80%. China has banned refined fuel exports to pre-empt a potential domestic fuel shortage, while Australia is releasing petrol and diesel from domestic reserves to ease shortages.
European Union leaders have called for temporary measures to mitigate the impact of a surge in energy prices, including electricity tax cuts and state support. Bangladesh is seeking billions in external financing to secure fuel and liquefied natural gas imports, while Serbia will cut excise duties on crude oil by 60% to calm the local market.
Many countries are also considering or implementing fuel subsidies, price controls, and rationing measures to protect consumers and maintain economic stability.
