Ali Khamenei’s son Mojtaba Khamenei named new Supreme Leader; acid rain falls in Tehran; Kuwait international airport attacked; Iran death roll rises
As oil prices rose, stock markets were shaken by fears that the escalating US-Israeli war against Iran would squeeze energy supplies and hamstring industries around the world.
Below are actions Asian governments have taken or plan to take to reduce the impact of war on their economies.
South Korea plans fuel limit
South Korean President Lee Jae Myung said authorities will limit domestic fuel prices for the first time in nearly 30 years. He added that the country would also seek energy sources beyond supplies sent through the Strait of Hormuz and that the 100 trillion won ($95.6 billion) market stabilization program should be expanded if necessary.
Indonesia to increase fuel subsidies
Indonesia will increase the amount allocated for fuel subsidies in the state budget, the finance minister said.
The country currently has a budget of 381.3 trillion rupees ($32 billion) for energy subsidies and compensation for efforts by state company Pertamina and utility company PLN to keep some fuel prices and electricity tariffs at a reasonable level.
China asks refineries to stop fuel exports
China has asked refineries to stop signing new contracts for fuel exports and try to cancel already committed shipments, sources familiar with the matter said last week.
They said the directive does not apply to jet fuel refueling for international flights, bonded refueling or supplies to Hong Kong or Macau.
Japan tells national oil reserve field to prepare for release
Akira Nagatsuma, a member of the Centrist Reform Alliance opposition party, said the Japanese government had instructed a national oil reserve storage site to prepare for a possible release of crude oil.
Details such as the timing of the broadcast remain unclear, Nagatsuma said.
Bangladesh to close all universities
Bangladesh will close all universities and bring forward Eid al-Fitr holidays from Monday as part of emergency measures to save electricity and fuel.
Vietnam to lift fuel import tariffs
Vietnam plans to lift import duties on fuels to secure supplies due to disruptions, the government said, adding that the measure is expected to last until the end of April.
Reuters
