Oil Supply Shock: Asian economies rush to come up with measures to shield against soaring prices
Asian governments are scrambling to shield consumers and businesses from surging energy prices as fears grow of a prolonged Middle East conflict. With crude flows through the Strait of Hormuz near a standstill, South Korea has imposed a fuel price cap, while China has halted fuel exports to secure domestic supply. Japan is preparing for a potential reserve release, and India may turn to Russian oil. Elsewhere, Bangladesh, Indonesia, the Philippines and Thailand are rolling out emergency measures to manage rising costs. Roland Lim reports.
Asian governments are scrambling to shield consumers and businesses from surging energy prices as fears grow of a prolonged Middle East conflict. With crude flows through the Strait of Hormuz near a standstill, South Korea has imposed a fuel price cap, while China has halted fuel exports to secure domestic supply. Japan is preparing for a potential reserve release, and India may turn to Russian oil. Elsewhere, Bangladesh, Indonesia, the Philippines and Thailand are rolling out emergency measures to manage rising costs. Roland Lim reports.
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