The US-Israeli war with Iran has dealt a severe blow to global energy supplies. The closure of the Strait of Hormuz has disrupted a significant portion of global oil and gas supplies.
This has caused crude oil prices to rise from $60 to over $100 per barrel. It is feared that at least nine Asian countries are now facing a severe energy crisis. Governments are taking drastic measures to conserve fuel and save their economies.
This crisis has affected Asian countries such as Bangladesh, Pakistan, Thailand, China, Vietnam, South Korea, Indonesia, Japan, and India. Each country has adopted different measures based on its own situation, but the goal is to conserve energy and maintain supply.
Universities closed in Bangladesh, fuel limits imposed
The government in Bangladesh has closed all universities starting Monday. This is intended to reduce electricity and fuel consumption. Eid holidays have also begun early. The Ministry of Education stated that this decision was taken in light of the global situation.
Fearing oil and gas shortages in the country, people were already in panic. Fuel hoarding had begun in many places. The government has imposed a limit on daily fuel sales. Several fertilizer factories have shut down due to the gas shortage. The government says it is monitoring the situation and will take more stringent measures if necessary.
Ministers' salaries and foreign travel are banned in Pakistan
Pakistan's Prime Minister Shahbaz Sharif has announced a major cost-cutting plan in response to rising oil prices. Foreign travel for ministers and advisors has been completely suspended. Cabinet members will not receive salaries for two months. MPs' salaries will be cut by 25%.
Government offices will now be open only four days a week. Half the staff will work from home. Schools will be closed for two weeks. Government vehicles will receive 50% less fuel, and 60% of vehicles will not be used. All departments have been ordered to cut expenditures by 20%. Sharif said that oil prices have risen above $100 due to the US-Israel-Iran conflict.
Stairs instead of elevators in Thailand, and work from home
In Thailand, Prime Minister Anutin Charnvirakul has issued several instructions to government employees to conserve energy. Elevators are prohibited in government offices. Employees have been asked to take the stairs. Most employees will now work from home. Officials directly dealing with the public will be exempt from this rule.
Foreign travel has been temporarily suspended. Air conditioners are ordered to be kept at 26-27 degrees Celsius. Employees have been advised to wear short-sleeved shirts instead of suits and ties. According to the Energy Minister, the country currently has 95 days of energy reserves. The government is trying to purchase additional LNG from the US, Australia, and South Africa. If the crisis escalates, steps such as dimming shop signboards and closing petrol pumps at 10 pm may also be taken.
China Increases Crude Oil Purchases, Halts Fuel Exports
China has begun increasing its strategic reserves to avoid an energy crisis. Excess crude oil was purchased early in the year and is being stored. Refineries have been instructed not to sign new fuel export contracts and to cancel some existing shipments. The government aims to maintain adequate availability of gasoline, diesel, and other fuels in the domestic market. Experts say that if the Middle East conflict continues, China may use its strategic oil reserves.
Japan Prepares to Release Oil from National Oil Reserves
Japan has instructed its national oil storage centers to be prepared to release crude oil if needed. Officials at the Japan Organization for Metals and Energy Security (JOGMEC) stated that this order was issued by the Natural Resources and Energy Agency. The aim is to prevent a shortage of oil in the domestic market if global supplies are disrupted.
Commercial gas cylinder supplies have been halted in several Indian states.
There is a shortage of LPG in India. Commercial gas supplies have been suspended in several states, including Delhi, Madhya Pradesh, Maharashtra, Uttar Pradesh, and Rajasthan. Restaurants and hotels are facing closure due to this. The government has directed oil refineries to increase LPG production for domestic use.
South Korea Prepares to Cap Fuel Prices
The South Korean government is taking steps to address increasing pressure on global oil supplies. For the first time in nearly three decades, it is preparing to cap domestic fuel prices. President Lee Jae-myung stated that this step is intended to provide relief to the public. The government is exploring alternative energy sources that do not pass through the Strait of Hormuz. New suppliers are being sought to stabilize the domestic market.
Indonesia Increases Fuel Subsidy, Considers Biodiesel
Indonesia has decided to increase fuel subsidies in the national budget to mitigate the impact of rising oil prices on the general public. The government is reconsidering the B50 biodiesel program.
This program will blend 50% palm oil-based biodiesel into diesel. This will reduce dependence on imported oil. The government believes that promoting alternative energy will strengthen energy security and mitigate the impact of the global crisis.
Vietnam Appeals for Work from Home
The Vietnamese government has urged companies to allow employees to work from home. This will save fuel on commuting. The Ministry of Industry and Trade stated that uncertainty in the global energy market is increasing, making it essential to maintain fuel supply and reduce consumption. Tariffs have been lifted on some fuel imports to avoid fuel shortages in the domestic market.
Thalapathy Vijay is in the news these days for his personal life. First, his wife Sangeeta filed
Film writer Salim Khan has been ill for the past three weeks and is admitted to Mumbai's Lilavati
Iran's president threatens to apologize, saying, "We won't attack neighboring countries until..."
Iranian President Masoud Pezeshkian has apologized for attacking neighboring countries. The presi
Gold Silver Price Today: Decline seen in bullion market; Silver falls to ₹1540, Gold cheaper by ₹560
Gold and silver prices opened lower on Wednesday following the ongoing conflict in West Asia and
BJP media in-charge Amit Malviya attacked Rahul Gandhi via the social media platform X (formerly
Prime Minister Narendra Modi will address a webinar on Monday titled "Sabka Saath, Sabka Vikas: F
The Indian cricket team won at the Narendra Modi Stadium in Ahmedabad. The Indian team defeated N
Claims circulating on social media platforms, especially Instagram and WhatsApp, over the past fe
The sequel to the 2023 film The Kerala Story, The Kerala Story 2 Goes Beyond, was embroiled in co
Audiences are eagerly awaiting the film "Dhurandhar 2." It's set to release in theaters in just a
