How PH, Asian neighbors are coping with the oil crisis
Oil prices have soared, and share markets have skidded on fears that the squeeze on energy supplies resulting from the US-Israeli war on Iran will stoke inflation and crimp economic growth.
Asia is particularly at risk, with much of the region highly dependent on Gulf oil shipped via the Strait of Hormuz, which has effectively been closed since the U.S. and Israel first attacked Iran on February 28.
The following are actions that governments have taken or plan to take to reduce the impact of the conflict on their economies.
Philippines
President Ferdinand Marcos Jr., on March 18, suspended the fare hikes on public utility vehicles and promised commuters free rides instead.
This move drew criticism from transport groups. "We are dismayed that the president of our country had ruthlessly recalled what his government has granted to us," PISTON president Mody Floranda told AFP.
Since tensions in the Middle East broke out, the Philippines has instituted a four-day work week for some government offices, distributed cash handouts to tricycle drivers, and seen its sole refinery open discussions to buy Russian oil.
Energy Secretary Sharon Garin previously warned that fuel resources could go as high as P114 per liter this week.
Meanwhile, the Senate has approved a bill, which was certified urgent, that would grant Marcos authority to temporarily suspend or reduce excise taxes on fuel during national emergencies.
Thailand
From the capital Bangkok to Chiang Rai in the far northern reaches of the country, drivers and riders in Thailand queued for petrol on March 17 as shortages worsened and price rises loomed.
Authorities imposed a cap on the retail price of diesel after the US-Israeli war with Iran disrupted shipping and damaged petroleum facilities in the Middle East, raising global oil prices.
But Tuesday was the last day the 33 baht (~P60) a liter limit remained in force, and while Thailand's transport minister said prices would go up by less than one baht (P1.83) on March 18, many feared bigger rises within days.
Like the Philippines, Thailand has discussed with the Russian government the possibility of purchasing crude oil, a deputy prime minister said.
According to a Khaosod English report, the Chiang Mai province imposed energy-saving measures urging the public to conserve power by setting temperatures at 26 to 27 degrees Celsius, considering remote work, and avoiding overseas study trips unless necessary.
Vietnam
Communist Vietnam has tapped its fuel price stabilization fund to curb increases in oil prices, and has told the central bank to direct commercial lenders to extend funding to fuel traders to boost their purchases.
It plans to increase its national petroleum reserves and has asked Japan and South Korea to help increase its access to crude oil.
The government has warned the aviation sector to prepare for a reduction in flights from April due to reduced jet fuel imports.
Its trade ministry has also called on local businesses to encourage their employees to work from home as part of efforts to save on fuel amid supply disruptions.
Indonesia
Indonesia plans to increase the amount it has allocated for fuel subsidies in its state budget to keep prices in check.
It is also accelerating its B50 biodiesel programme, which blends 50% palm-oil-based biodiesel with 50% conventional diesel, to reduce its reliance on traditional oil.
Cambodia
Cambodia is importing more fuel from suppliers in Singapore and Malaysia to make up for supply shortfalls from Vietnam and China, its energy minister told Reuters on March 18.
About a third of the 6,300 petrol stations in the country of nearly 18 million people closed last week due to uncertainty over the impact of the conflict on fuel prices, but only 5.77% are closed currently, Energy Minister Keo Rottanak said.
Gasoline and diesel exports from Singapore and Malaysia to Cambodia in the first 18 days of this month were 25% higher than the same period last year, but 40% lower than in the final 18 days of February, Kpler data showed.
Cambodia has no oil refinery, and has less than a month's supply of diesel, jet fuel, liquefied petroleum gas, and petrol under normal conditions, Rottanak said.
Malaysia
Malaysia's finance ministry announced price hikes on diesel and other transport fuels for the second week in a row, driven by surging oil costs.
The cost of the subsidised RON95 transport fuel, available for all Malaysian citizens, will be kept at 1.99 ringgit (P30) per liter, with the government expected to spend over 3 billion ringgit (P46 billion) per month to fund its fuel subsidy bill, the ministry said in a statement late Wednesday.
Laos
Laos is dependent on neighboring Thailand for fuel supplies, which initially announced it was suspending exports to conserve its holdings, but has assured Vientiane that fuel is on its way.
More than 40%of the 2,538 filling stations in Laos were closed last week, according to the most recent government data.
Government-set prices in Laos have soared, with diesel up by nearly 50 percent to 31,560 kip (P88) per liter. According to Global Petrol Prices, in the early days of the conflict, Laos saw the world's second-biggest increase in premium petrol prices.
Laotian authorities have imposed measures to prevent hoarding, and filling containers such as water bottles has been banned.
On Monday, the government ordered ministries to limit in-person meetings and strongly encouraged people to switch to electric vehicles.
Japan
Japan has pledged to release a record 80 million barrels of oil, about 45 days of supply for the resource-poor nation, starting on Monday.
The country has also asked Australia, its biggest LNG supplier, to boost output in light of the crisis.
South Korea
South Korea's ruling Democratic Party said on Monday that the government will lift limits on coal-fired power generation capacity and raise nuclear power plant utilisation to as high as 80%.
That's after authorities last week implemented a cap on domestic fuel prices for the first time in nearly 30 years, and said they are considering providing additional energy vouchers to subsidise vulnerable households if rising fuel prices push up electricity bills.
China
China has ordered an immediate ban on refined fuel exports in March, including gasoline, diesel, and jet fuel, to pre-empt a potential domestic fuel shortage, sources said.
India
India sought safe passage for 22 of its vessels stranded west of the Strait of Hormuz, after Iran allowed a few Indian ships to sail through in a rare exception to the blockade.
The closure of the strait has triggered India's worst gas crisis in decades, with the government cutting supplies of LPG for industry to ensure households have enough cooking gas.
Sri Lanka
Sri Lanka introduced fuel rationing on March 15 to extend the life of its supplies. Under the new system, motorcycles will be allocated 5 liters, cars 15 liters, and buses 60 liters of fuel per week.
The island nation has secured fuel shipments until April-end, authorities at the state-run Ceylon Petroleum Corporation told reporters in Colombo, adding that police will be deployed to reduce lines and minimize hoarding.
Bangladesh
Bangladesh, which relies on imports for about 95% of its energy needs, has suspended earlier fuel rationing to ensure uninterrupted transport as millions prepare to travel for the Eid al-Fitr holidays, with a week-long government break beginning on Tuesday.
The government has been working to secure additional fuel cargoes from India, China, and other countries.
Nepal
Nepal increased petrol and diesel prices by 9.55% and 7.0% respectively, effective midnight Sunday.
State-run Nepal Oil Corporation (NOC) said the increase was needed to make payments to Indian Oil Corporation on time and avoid further supply disruption.
Wedged between India and China, Nepal is fully dependent on imports for fuel supplies, including cooking gas, which NOC began rationing last week. (with additional reports from Ayie Licsi, AFP, Reuters)