Governments worldwide are moving quickly to shield consumers from soaring energy costs as a major disruption to global oil and gas supplies ripples through economies, stokes inflation and squeezes household budgets.
Here’s a snapshot of how different countries are responding, with a breakdown of the measures and guidance from each government:
INDIA
** Last week, India invoked emergency powers and directed refiners to maximise production of liquefied petroleum gas to prevent a shortage of the cooking fuel. It cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.
** India has also urged LPG users to avoid panic buying of cylinders and shift to piped natural gas where possible.
SOUTH KOREA
** The country said it is weighing additional energy vouchers to support vulnerable households, while also preparing to ramp up nuclear and coal-fired power generation.
CHINA
** China said it will release fertilisers from national commercial reserves ahead of spring planting, as the effective closure of the Strait of Hormuz disrupts global supplies.
AUSTRALIA
** Australia said it is moving quickly to secure domestic fuel supply. The government announced it will release petrol and diesel from domestic reserves to ease shortages affecting rural supply chains and key mining and agricultural sectors.
EUROPEAN COMMISSION
** The European Commission will instruct governments to be flexible when enforcing EU rules on gas imports, amid concerns that strict compliance could delay LNG deliveries needed to stabilise supplies.
ITALY
** Italy’s prime minister said the nation is considering cutting excise duties to soften fuel prices and is ready to raise taxes on firms responsible for unduly capitalizing on the energy crisis.
MALAYSIA
** Malaysia’s government said it will raise spending on petrol subsidies to 2 billion ringgit ($510 million) from 700 million ringgit to maintain the fixed price of the fuel.
PHILIPPINES
** The Philippines said it plans to rein in power bills amid an LNG price surge by boosting coal-fired power generation and regulating electricity tariffs.
BRAZIL
** Brazil’s president signed a decree to eliminate federal taxes levied on diesel to soften the impact on local fuel prices.
EGYPT
** Egypt has imposed maximum prices on unsubsidised bread sold in private bakeries, reviving controls on a key staple as the government moves to shield consumers from inflation.
ETHIOPIA
** Ethiopia said it has raised fuel subsidies to cushion the effects of global price increases.