New Delhi: The ongoing Iran war and the disruption of shipping through the Strait of Hormuz has pushed several countries into emergency energy-saving mode.
Governments around the world are scrambling to contain rising fuel prices, inflation and supply shortages. According to the International Energy Agency (IEA), more than 60 countries have introduced nearly 200 measures aimed at reducing fuel consumption and limiting the economic fallout.
As the war between Iran and the US-Israel alliance continues to exacerbate, particularly tensions around the pivotal Strait of Hormuz, oil prices have surged sharply. Countries heavily dependent on Gulf energy supplies are now being forced to introduce restrictions to combat this, the return of work-from-home policies, fuel purchase limits and export controls being few of such measures.
Countries turn to rationing and WFH
India too has been part of such trends, with the government urging citizens to reduce fuel consumption, avoid unnecessary foreign travel and use public transport. Authorities have also encouraged work-from-home arrangements and energy conservation measures. This trend though is global.
The Philippines and Pakistan have introduced four-day work weeks to reduce fuel usage, with the latter also reportedly allowing partial remote working and has temporarily shut schools and colleges in some areas amid soaring petrol and diesel prices.
Bangladesh meanwhile has imposed fuel purchase limits, deployed troops at oil depots and reduced energy use across institutions. Of others in the immediate neighbourhood, Nepal has introduced LPG rationing, reportedly allowing only half-filled gas cylinders to stretch existing supplies.
Vietnam too reduced fuel taxes and cut some flights because of jet fuel shortages, while Thailand ended diesel subsidies after government support funds were exhausted.
Fuel-saving policies become priority
Several governments have also moved to protect domestic energy supplies. China restricted exports of refined fuels and fertilisers to prioritise local demand, while Indonesia halted LNG exports and accelerated its biodiesel blending programme to reduce dependence on imported oil.
Japan, which relies heavily on Middle Eastern oil, increased imports from the United States and released crude from its strategic reserves to stabilise supply. The United States itself expanded oil exports while also releasing millions of barrels from its Strategic Petroleum Reserve to control domestic fuel prices.
In Europe, several countries including Germany and Italy have delayed plans to shut coal-fired power plants as governments attempt to secure alternative energy sources. Experts now are warning that prolonged disruption in the Strait of Hormuz could further deepen the global economic slowdown, pushing countries around the world to look for ways to combat the impending problems.
