Governments across the globe are trying to shield consumers from soaring energy costs resulting from the U.S.-Israeli war on Iran.
Hopes for an end to the war are increasing after the U.S. sent a 15-point peace plan to Iran this week and received five demands in return.
Iran is still reviewing the U.S. proposal and a senior Iranian official told Reuters that Tehran had so far stopped short of rejecting it outright.
As negotiations continue, here’s how different countries are responding to the oil crisis that has resulted from the war:
INDIA
India will review its fuel exports if needed to ensure availability in the local markets, a government official said.
India is assessing fuel-supply requests from its neighbours and will approve exports only if it has surplus volumes, the foreign ministry said.
The country has barred consumers with piped natural gas from retaining, obtaining or refilling domestic liquefied petroleum gas cylinders.
It has invoked emergency powers and directed refiners to maximise production of LPG, widely used for cooking. It cut sales to industry to avoid a shortage for 333 million homes with LPG connections.
SOUTH KOREA
South Korea is easing limits on coal-fired power generation capacity and raising nuclear power plant utilisation to as high as 80%.
It is considering additional energy vouchers to support vulnerable households.
CHINA
China has banned refined fuel exports to pre-empt a potential domestic fuel shortage, four sources said.
It is also releasing fertiliser supplies from national commercial reserves ahead of spring planting.
AUSTRALIA
Australia is releasing petrol/gasoline and diesel from domestic reserves to ease shortages affecting rural supply chains as well as mining and agriculture.
JAPAN
Japan has asked Australia, its biggest supplier of liquefied natural gas, to boost output.
EUROPEAN UNION
European Union leaders called for temporary measures to mitigate the impact of a surge in energy prices, with electricity tax cuts, lower grid fees and state support put forward as possible short-term fixes.
BANGLADESH
Bangladesh is seeking billions in external financing to secure fuel and liquefied natural gas imports.
SERBIA
Serbia will cut excise duties on crude oil by a cumulative 60% to calm the local market.
It has also extended a ban on crude oil and fuel product exports to safeguard its market from shortages and price spikes.
ITALY
Italian Prime Minister Giorgia Meloni has said Italy is considering cutting excise duties to soften fuel prices and is ready to raise taxes on firms responsible for unduly capitalising on the energy crisis.
SPAIN
The Spanish Prime Minister said parliament is expected to vote on measures proposed by the cabinet to help citizens weather the economic fallout, including lowering fuel and electricity taxes and granting fuel subsidies to sectors most exposed to energy price spikes.
CAMBODIA
Cambodia is importing more fuel from suppliers in Singapore and Malaysia to make up for supply shortfalls from Vietnam and China.
MALAYSIA
Malaysia will raise spending on petrol subsidies to 2 billion ringgit ($510 million) from 700 million ringgit to maintain the fixed price of the fuel.
THAILAND
Thailand has discussed with the Russian government the possibility of purchasing crude oil, a deputy prime minister said.
The minister also said the government would try to cap domestic diesel prices at 33 baht ($1.02) per litre.
The Thai Planning Agency said the government will freeze prices of some goods and provide support for farmers.
GREECE
Greece will offer subsidies for fuel and fertilisers and ferry ticket discounts worth a total 300 million euros ($346 million) in April and May to shield consumers and farmers, Prime Minister Kyriakos Mitsotakis said.
SLOVENIA
Slovenia on Sunday temporarily limited fuel purchases to tackle shortages at the pump caused in part by cross-border fuelling and stockpiling due to the Iran war.
PHILIPPINES
The Philippines is set to import Russian oil next week for the first time in five years, LSEG, Kpler and OilX data show and traders said.
It also plans to curb power bills as LNG prices surge by boosting coal-fired power generation and regulating electricity tariffs.
VIETNAM
Vietnam will switch fully to ethanol-blended gasoline earlier than planned as part of its efforts to curb fossil fuel use, a government document showed.
INDONESIA
Indonesia’s President Prabowo Subianto wants to increase the country’s coal production, and the government is considering a windfall tax on exports.
BRAZIL
Brazil is rolling out a new plan to help states subsidize diesel imports. Earlier in March, the government scrapped federal taxes on diesel and imposed a 12% tax on oil exports.
EGYPT
Egypt has capped the price of unsubsidised bread sold in private bakeries.
ETHIOPIA
Ethiopia has increased fuel subsidies.
NORTH MACEDONIA
The North Macedonian government on Sunday decided to cut VAT on fuel to stem the price hike at the pump. The VAT on gasoline and diesel will be cut from 18% to 10%, Prime Minister Hristijan Mickoski told local media. The measure will come into effect on Monday at midnight and will be in effect for two weeks.
MAURITIUS
Mauritius said it would introduce energy-saving measures. Restrictions announced include curbs on grid power for non-essential uses such as decorative lighting, swimming pool heating and fountains, the government said.
PHILIPPINES
The Philippines is working with Washington to secure waivers and exemptions that will allow it to obtain oil from U.S.-sanctioned countries and guarantee supplies. The country relies heavily on imported fuel and declared a state of national energy emergency on Tuesday to deal with the fallout from the war.
SRI LANKA
Sri Lanka will introduce additional fuel-rationing measures to shorten queues and secure extra oil supplies, a senior official said.
About the Author
