The fuel nozzle is inserted into the internal combustion engine at the gasoline pump in the filling station during the refueling process.
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Countries around the world are scrambling to deal with the energy shock aftermath of the Iran war, taking measures such as banning fuel exports, relaxing refining standards and even forcing workers to climb stairs instead of elevators.
This comes as the Iran war enters its third week and the effects of the war, particularly on energy markets, are still being felt, despite US President Donald Trump declaring that the US has “won”.
On a serious note…
Naturally, national measures include striving to stockpile as much fuel as possible domestically so that we don’t have to rely on imported fuel.
China on Thursday ordered refiners to halt exports of refined fuel to ease possible domestic fuel shortages, Reuters reported.
The ban was issued by the National Development and Reform Commission and includes the transport of gasoline, diesel and aviation fuel, sources told authorities.
CNBC reached out to NDRC for comment, but did not immediately receive a response.
Other major countries are also considering or imposing price caps on fuel products.
On Monday, Japanese Prime Minister Sanae Takaichi said Tokyo was considering measures to cushion the economic blow from rising fuel costs, including curbing gasoline prices.
Takaichi was quoted by Japanese media on Thursday as saying he plans to cap gasoline prices nationwide at an average of 170 yen ($1.07) per liter, adding that gasoline prices could potentially reach 200 yen per liter.
The Japanese government also unilaterally released its own oil reserves without waiting for coordination with other countries.
Japan, the world’s third-largest economy, has been particularly hard hit by the Iran war because it must import nearly all of its energy needs.
South Korean President Lee Jae-myung said on Friday that the government had introduced a cap on oil prices.
“In order to control domestic fuel prices, which fluctuate wildly due to the unstable international situation, we have decided to set a clear price ceiling on supply prices,” Lee said.
India also had to make some difficult choices. The country has directed refineries to prioritize supply to the 330 million households that use liquefied petroleum gas as their main cooking fuel and the more than 3 million businesses that use commercial LPG cylinders.
…to the exotic
Some countries are looking to secure alternative energy supplies to keep the lights on, while others are focused on reducing demand on the grid.
After years of companies trying to get employees back into the office following the pandemic, work-from-home orders have been reinstated in some countries, with employees reportedly working remotely in Vietnam and Thailand.
Thailand went a step further, ordering civil servants to take the stairs instead of elevators, reduce their reliance on air conditioning and wear short-sleeved shirts instead of suits.
The Philippines and Pakistan have both introduced a four-day work week for government workers, while Bangladesh has changed its dates, moving the Eid al-Fitr holiday forward and allowing universities to close early to conserve fuel.
