How the world is dealing with the fuel crisis

If you’re reading this right now, you know fuel is really expensive.

You likely also know that’s because after the U.S. and Israel struck Iran, it closed the Strait of Hormuz.

The Strait normally sees as much as a quarter of the world’s oil and gas supply every day.

In response, governments around the world have changed their policies and asked citizens to change their behaviour.

Here’s how the world is responding to the fuel crisis:

India

In India, the main fuel used for day-to-day activities including cooking is liquefied petroleum gas (LPG).

Local media reports restaurants are closing, and limiting dishes which take longer to cook (e.g. butter chicken), requiring more LPG.

Indonesia

On 31 March, the Indonesian Government announced it would implement a 50 litre-per-day fuel per vehicle limit.

Local media also reported that Chief Economic Minister Airlangga Hartarto announced a one-day work from home (WFH) policy in an effort to reduce fuel consumption.

From 10 April, everyone who can work from home will do so every Friday.

Thailand

The Thai Government has recommended keeping air conditioners at 26-27°C.

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They have also told residents to avoid wearing suits, and to wear short-sleeved shirts to stay cool. Thai news anchors even heeded the advice live on air.

South Korea

The South Korean Government has launched an energy saving campaign: “12 National Actions for Energy Conservation”.

The actions include taking shorter showers, using public transport, turning off lights and devices when they’re not in use, and set air conditioner temperatures at 20°C for heating and 26°C for cooling.

UAE

Since 28 February, the World Travel & Tourism Council estimates the Middle East has lost $US600 million ($AU868 million) per day in international visitor spending.

This particularly impacts key UAE transit hubs Dubai and Abu Dhabi.

Dubai Crown Prince Hamdan bin Mohammed Al Maktoum has announced a 1 billion dirham ($AU395 million) six-month support package for “Dubai’s business sector,” beginning 1 April.

Australia

Urea – a nitrogen-rich fertiliser – has become more difficult to import, with the Middle East producing 45% of it. This impacts how much food can be grown.

Some farmers also have had to reduce the amount of cropping, seeding and harvesting due to fuel supply concerns.

The price of urea has risen significantly since 28 February.