Countries are trying to shield consumers from soaring energy costs resulting from the US-Israeli war on Iran.
In some parts of Asia, it has caused panic, with school closures and shortened working hours..
Here’s how different countries are responding:
Ireland
A cut of 15 cents per litre on petrol and 20 cents on diesel is being proposed, which the Irish parliament is debating today.
It is part of a €235m support package, which also includes a rebate program for hauliers and home heating payments to social welfare recipients.
Prices at some service stations have risen above €2 a litre (£1.73) for unleaded, compared with an average of £1.48 in the UK, according to the latest RAC figures.
Philippines
The Asian republic has declared a state of national energy emergency, as we reported in our 15.11 post, with the president describing an “imminent danger” to its energy supply, after diesel prices more than doubled.
Government offices have already shifted to a four-day week, while drivers in Manila have been handed cash to offset surging fuel prices.
France
The farming and transport sectors have been offered extra financial support.
Farmers, especially, have seen their costs increase sharply with higher prices for diesel, gas, and fertilisers.
Kenya
The head of Kenya’s independent fuel retailers told the Reuters news agency that hundreds of dealers were running short of supplies.
The regulator has frozen pump prices despite rising global oil costs.
Martin Chomba, chairman of the Petroleum Outlets Association of Kenya (POAK), said dealers are likely to start hoarding petrol and diesel ahead of fuel price hikes next month.
Slovenia
Fuel has been temporarily limited to tackle shortages caused in part by cross-border fuelling and stockpiling.
Private motorists are being restricted to a maximum of 50 litres of fuel per day, while businesses and farmers will have a more generous allowance of 200 litres.
Serbia
The government has cut excise duties on crude oil by a cumulative 60% and banned some exports to safeguard its market from shortages and price spikes.
Brazil
National taxes on diesel have been lifted.
China
On Monday, China intervened to cushion rising fuel prices by raising regulated ceiling prices for retail petrol and diesel by about half of the expected increase.
It still resulted in queues at fuel stations ahead of the hikes kicking in.
Sri Lanka
It will introduce additional fuel rationing to shorten queues and secure extra oil supplies.
Greece
Subsidies are being offered for fuel and fertilisers, and ferry ticket discounts worth a total of €300m (£259.6m) in April and May to shield consumers and farmers.

Leave a Reply