NewzVille Desk
Several Asian countries have announced measures to reduce fuel consumption and manage rising energy costs amid volatility in global oil markets linked to tensions in West Asia.
In the Philippines, President Ferdinand Marcos has announced a four-day government work week to save fuel. The move comes as Filipino consumers face a series of fuel price hikes, with diesel prices affecting public transport operators, including buses and jeepneys.
Vietnam initially resisted tapping its Fuel Price Stabilisation Fund despite petrol prices rising by 21 percent and diesel by more than 50 percent.
However, at a meeting of the country’s energy security task force on Tuesday, the prime minister agreed to draw from the emergency fund to stabilise prices.
In Sri Lanka, retail fuel prices increased by around 7 to 8 percent after a revision by the state-owned Ceylon Petroleum Corporation came into effect on Tuesday, raising prices by at least 24 rupees per litre.
Authorities said the country will maintain fuel supplies and will not curb economic activity despite rising global prices.
Bangladesh has introduced fuel rationing, with the Bangladesh Petroleum Corporation limiting fuel sales for most vehicles.
The country imports nearly 95 percent of its oil and gas needs. Authorities also capped fuel purchases after panic buying led to long queues at fuel stations.
In Pakistan, Prime Minister Shehbaz Sharif announced major cuts in government fuel consumption and spending. Schools will close for two weeks starting next week, while universities will shift to online classes to reduce commuting.
Government departments will face a 50 percent cut in fuel allowances for two months, and 60 percent of official vehicles, excluding buses and ambulances, will be taken off the roads.
In South Korea, motorists rushed to fuel stations in Seoul after crude prices surged following the conflict in the Middle East.
President Lee Jae Myung said authorities would cap domestic fuel prices for the first time in nearly three decades to contain the spike in prices.
In a press briefing Japanese Prime Minister Takaichi Sanae said, “As the future of the situation in the Middle East remains precarious, going forward, we will continue to maintain flexibility as we examine the ways in which we should extend support so that, even if the situation becomes prolonged, we will be able to support the daily lives of the Japanese people in a sustained way without losing momentum.
She further said, “In addition, the situation in which crude oil tankers have effectively been unable to pass through the Strait of Hormuz is still ongoing. We expect that Japan’s crude oil imports will decline dramatically beginning from late March.”
“Among countries of the world, Japan has an exceptionally high degree of reliance on the Middle East, resulting in significant impacts for us. We intend to utilize our national petroleum reserves as we coordinate with the other G7 countries and the International Energy Agency (IEA) to ensure that no disruptions arise in the supply of gasoline and other petroleum products under any circumstance”, she added.
