LONDON: Governments worldwide are trying to shield consumers from soaring energy costs resulting from the US-Israeli war on Iran. Here’s how different countries are responding:
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 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 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 is releasing petrol/gasoline and diesel from domestic reserves to ease shortages affecting rural supply chains as well as mining and agriculture.
Japan’s industry ministry said it will relax rules for one year to increase the use of coal-fired power plants in the fiscal year starting April.
South Korea began enforcing a ban on naphtha exports from midnight on Thursday to boost domestic supplies.
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 is seeking billions in external financing to secure fuel and liquefied natural gas imports.
Serbia will cut excise duties on crude oil by a cumulative 60% to calm the local market.
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.
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 is importing more fuel from suppliers in Singapore and Malaysia to make up for supply shortfalls from Vietnam and China.
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 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 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 temporarily limited fuel purchases to tackle shortages at the pump caused in part by cross-border fuelling and stockpiling.
The Philippines’ energy market regulator said it had suspended the country’s wholesale electricity spot market across all its three grids until further notice due to fuel supply risks and price volatility.
The Philippines is working with Washington to secure waivers and exemptions that will allow it to obtain oil from US-sanctioned countries and guarantee supplies. The Philippine energy ministry said it was activating a 20 billion peso ($333 million) emergency fund to strengthen fuel security amid continued volatility in oil prices.
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’s President Prabowo Subianto wants to increase the country’s coal production, and the government is considering a windfall tax on exports. Indonesia will start implementing the B50 biodiesel programme on July 1. The implementation of B50 - a blend of 50% palm oil-based biodiesel and 50% conventional diesel - is part of a wider government programme to mitigate Iran war risks.
South Africa will reduce its fuel levy for one month to stop fuel prices rising even further in April.
Brazil is rolling out a new plan to help states subsidise 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 and increased fuel subsidies.
The North Macedonian government on March 22 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 March 23 at midnight and will be in effect for two weeks.
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.
Namibia’s government will temporarily reduce fuel levies by 50% for at least three months until the end of June in a bid to protect consumers from higher pump prices.
Sri Lanka will introduce additional fuel-rationing measures to shorten queues and secure extra oil supplies, a senior official said. Poland is working on a solution to lower fuel prices which may involve lowering VAT, Finance Minister said.
