MAR 9 – Some countries across Asia have announced measures to deal with the impact of soaring global energy costs caused by the US-Israel war with Iran, including capping petrol prices.
On Monday, crude oil surged above $100 a barrel on concerns about potential shortages due to prolonged disruption to Middle East energy supplies.
At the weekend, Iran named Mojtaba Khamenei as its new Supreme Leader – a sign that hardliners remain in charge of the country – while some Gulf countries halted oil production and there were fresh airstrikes in the region.
East Asian nations have been hit especially hard by the conflict due to their reliance on energy that comes through the key Strait of Hormuz sea route.
Authorities in South Korea and Thailand said they would set limits on fuel prices.
South Korean president Lee Jae Myung said his government would “swiftly implement” a price cap on petrol products.
The Iran conflict has created a “significant burden” on the country’s economy, which is highly dependent on region’s energy imports, Lee said during an emergency cabinet meeting.
He added that Seoul is ready to step in with additional measures and expand the country’s 100tn won (£50bn; $67bn) financial markets stabilisation programme if necessary.
In Thailand, Prime Minister Anutin Charnvirakul urged people to not stockpile fuel and announced plans to cap the price of diesel for 15 days. Long queues formed at petrol stations around the country in recent days, with supplies running low at some outlets.
By BBC
