A fuel nozzle is inserted into a combustion engine at a petrol pump at a filling station during a refueling process.
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Countries around the world have scrambled to cope with the fallout of the energy shock from the Iran war, imposing measures from fuel export bans, loosening refining standards, and even getting workers to climb stairs instead of taking elevators.
This comes as the Iran war stretches into its third week, and despite U.S. President Donald Trump proclaiming that the U.S. has “won,” the effects of the war, especially on the energy market, continue to be felt.
From the serious…
Naturally, some nationwide measures include trying to have as much fuel in country, so as to avoid having to rely on imported fuel.
On Thursday, China ordered refiners to stop refined fuel exports so as to mitigate potential domestic fuel shortages, according to Reuters.
Sources told the agency that the ban was issued by the National Development and Reform Commission, and includes shipments of gasoline, diesel and aviation fuel.
CNBC attempted to reach the NDRC for comment, but did not receive an immediate reply.
Other major countries are considering or have imposed price caps for fuel products.
On Monday, Japanese Prime Minister Sanae Takaichi said that Tokyo was considering steps to cushion the economic blow from rising fuel costs, including curbing gasoline prices.
Takaichi was quoted by Japanese media on Thursday as saying she plans to cap pump prices at an average of 170 yen ($1.07) per liter nationwide, adding that gasoline prices could potentially hit 200 yen per liter.
Tokyo also conducted a unilateral release of crude from its own stockpiles, without waiting for coordination with other nations.
Japan has been particularly badly hit by the war in Iran, as the world’s third-largest economy needs to import almost all of its energy needs.
South Korean President Lee Jae Myung said on Friday the government implemented a petroleum price ceiling.
“We have decided to set a clear price cap on supply prices to curb domestic fuel prices, which are fluctuating wildly due to the unstable international situation,” Lee said.
India also had to make some tough choices. The country told oil refineries to prioritize supplying liquified petroleum gas to the 330 million households that use it as a primary cooking fuel, over 3 million businesses that use commercial LPG cylinders.
… to the quirky
While some countries have tried to secure alternative energy supplies to keep their lights on, others have focused on reducing demand on their grids.
Work-from-home orders came back in some countries after years of companies trying to coax workers back to offices after the pandemic, with Vietnam and Thailand reportedly getting employees to work remotely.
Thailand went a step further, ordering civil servants to take the stairs instead of elevators, reducing their reliance on air conditioning and telling government employees to wear short-sleeved shirts rather than suits.
The Philippines and Pakistan both instituted four-day work weeks for government workers, and Bangladesh has even shifted its calendar, bringing forward its Eid-al-fitr holiday, allowing universities to close early in a bid to save fuel.
