AGENCIES

The Middle East war has sparked a global energy and fertiliser crisis, forcing countries, especially in Asia, to take drastic measures to manage the supply crunch.

Sri Lanka yesterday announced a nearly 40 percent increase in electricity prices from Wednesday as it battles an energy shortage caused by the war.

The Public Utilities Commission of Sri Lanka said further increases were likely in April, in-line with global energy prices.

Sri Lanka has raised fuel prices three times this month, increasing them by more than a third, and has announced a four-day working week in a bid to save energy. The government has also asked the private sector to reintroduce work-from-home arrangements where possible.

South Korea is also considering extending driving curbs to the general public if global oil prices climb further, senior officials said.

Finance Minister Koo Yun-cheol said on Sunday the government could expand restrictions on passenger car use beyond public institutions if crude prices rise to around $120–$130 a barrel.

If expanded to the entire public, the policy would mark the country’s first nationwide driving curbs since the 1991 Gulf War, when the government imposed a 10-day vehicle rotation system to conserve energy.

India yesterday said the disruption has impacted domestic production of urea, making the current situation “very vulnerable”.

April and May are crucial for stocking ahead of crop cycles, though officials noted these are relatively lean months for farm activity, allowing time to bridge supply gaps through imports.

Indian government sources said petrol and diesel are available in sufficient quantities across the country, even as the government continues to monitor distribution closely.

Earlier, the Philippines declared a “national energy emergency,” saying its fuel reserves would last about 45 days, while Taiwan said it held roughly 11 days of LNG “safety stock.”

Several countries are also revisiting Covid-era policies to reduce energy use.

Pakistan announced a four-day workweek for public offices and a two-week closure of schools and universities.

Indonesia is considering hybrid schooling and a one-day-per-week remote working model from April.

Vietnam has urged workplaces to adopt remote working, while Thailand has instructed public sector employees to work from home and suspend overseas travel.

The effective closure of the Strait of Hormuz, a narrow channel along the Iranian coast, ​has stopped the passage of 20 percent of the world’s oil and liquefied natural gas and a major portion of fertiliser since the US and Israel began airstrikes on Iran on February 28. Much of it was bound for Asia, including China, India, Japan and South Korea.