![]() |
|
Asian economies move to limit Mideast war's impact at home Manila, March 9 (AFP) Mar 09, 2026 Faced with soaring prices and disruptions to their oil and gas supplies, Asian countries heavily dependent on fossil fuels from the war-struck Gulf are moving to protect their domestic markets. Here are some of the measures being considered to limit the war's impact:
"We should swiftly introduce and decisively implement a price ceiling system for petroleum products that have recently seen excessive price increases," he told a Monday cabinet meeting. His chief of staff said Friday the country had already secured the "emergency delivery" of four million barrels of crude oil from ports in the United Arab Emirates.
Current tariffs of 10 percent on unleaded gasoline and seven percent on diesel, aviation fuel and kerosene would all be temporarily removed under the decree.
The government said last week that Japan had stocks equivalent to 254 days of crude oil consumption -- including reserves held by the private sector -- and three weeks of liquefied natural gas (LNG) consumption.
President Ferdinand Marcos has also ordered all government agencies to reduce their fuel and electricity consumption by 10 to 20 percent, while police have warned against hoarding as queues were seen forming at some petrol stations.
An Indian government source, however, said that New Delhi does not need any country's permission to source the fuel from Russia, its largest crude supplier. The source also said India was "well stocked" with more than 250 million barrels of crude and petroleum products to "handle short-term disruptions". The country's petroleum ministry has reassured the public that India "has sufficient energy reserves", without ruling out potential measures to mitigate the impact.
"We need to organise the supply of about 22 shipments of LNG for March and April," economic affairs minister Kung Ming-hsin said Monday, while noting 20 of those shipments had already been secured. The government was also seeking to keep prices "as stable as possible" for consumers via "a fuel pricing formula" that would take into account neighbouring markets, he said.
The Middle East accounted for about 57 percent of China's direct imports of crude transported by sea in 2025, according to the analysis firm Kpler.
"If the budget can no longer cope with (oil price increases), there is no other solution than to share... the burden with the population," Finance Minister Purbaya Yudhi Sadewa said Friday. "This means that fuel prices will have to rise and the budget can no longer support" increased energy subsidies, he said.
The Southeast Asian country, which relies completely on imported diesel and petroleum for its consumer fuel needs, has enough reserves to last for about three weeks, its energy minister has said.
AFP reporters in Yangon have seen queues outside some petrol stations and restrictions on the amount of fuel sold to each driver, but the junta has only allowed modest price hikes so far.
The government also capped the price of diesel at just under 30 baht ($0.94) per litre for a 15-day period. burs-cwl/mjw |
|
|
Sidekick autonomy software guides YFQ-42A test mission for CCA program
Infleqtion lists shares on NYSE as neutral atom quantum firm
Top Chinese gaming companies continue to challenge |
Japan startup's space rocket fails for third time
India's tougher AI social media rules spark censorship fears
Tourism on hold as Middle East war casts uncertainty |
Curiosity Blog, Sols 4798-4803: Back for More Science
UAE extends Mars probe mission until 2028
Mars relay orbiter seen as backbone for future exploration |
Why have 1,000 ships at times lost their GPS in the Mideast?
Vantor adds Google Earth AI models to Tensorglobe for secure mission support
ASII launches national geospatial digital twin for Australian agriculture |
Questions over AI capability as tech guides Iran strikes
Why have 1,000 ships at times lost their GPS in the Mideast?
OpenAI senior robotics exec resigns over Pentagon deal; Anthropic formally designated as supply-chain risk |
Study questions assumptions about hidden alien technosignals
Dusty early galaxies shed new light on how the universe built its first giants
Study revisits chances of detecting alien technosignatures |
Aitech and Teledyne expand partnership on space grade SP1 computing platform
NASA announces overhaul of Artemis lunar program amid technical delays
New Wenchang lunar pad completes first Long March 10 test |
Questions over AI capability as tech guides Iran strikes
OpenAI senior robotics exec resigns over Pentagon deal; Anthropic formally designated as supply-chain risk
Apparent AI use in Iran war raises daunting questions: expert |
Satellite radar maps reveal rapid delta land loss
New hunt for flight MH370 ends with no clues to 12-year mystery
Valen array advances multi-mission sensing tech |
Nepal's rapper-led centrist party heads for poll landslide
Southern Indian Ocean waters lose salt as climate shifts currents
India's tougher AI social media rules spark censorship fears |
US 'not concerned' by reports Russia aiding Iran's targeting
Global arms exports soar on European demand: study
Kremlin says nuclear weapons in Finland would threaten Russia |
China FM blasts Middle East war, urges US to manage ties
Australia says Chinese military helicopter in 'unsafe' manoeuvres at sea
Taiwan opposition backs over $11bn for US arms, but no 'blank cheque' |
|
All rights reserved. Copyright Agence France-Presse. Sections of the information displayed on this page (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence, you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the content of this section without the prior written consent of Agence France-Presse.
|