Many Asian countries, including Pakistan, Vietnam, Thailand, Bangladesh, India and Sri Lanka, have announced a series of measures as the US-Israel war against Iran has disrupted energy supplies and threatened economic stability. The measures include curbing government spending, closing schools and pushing remote work.
Asian countries, heavily dependent on fossil fuel imports from the conflict-torn region of West Asia, are taking steps to protect their domestic markets.
Oil markets remain highly sensitive to the situation due to the strategic importance of the Strait of Hormuz, a narrow shipping lane through which roughly a fifth of the world’s oil reserves pass.
List of Asian countries
Pakistan
Pakistani Prime Minister Shehbaz Sharif announced more than a dozen austerity measures in a televised address late Monday. The moves include temporarily suspending the salaries of government ministers, closing schools for two weeks starting next week, ordering universities to switch to online courses and introducing a four-day work week, according to Bloomberg.
He also said that for the next two months, government spending will be reduced by 20%, while fuel rations for government vehicles will be halved.
Last week, the government said the country, which is heavily dependent on energy imports from the Persian Gulf, has enough oil reserves to meet national demand for about four weeks.
However, the country’s largest gas distributor has already started cutting supplies to some industrial consumers. Sui Northern Gas Pipelines Ltd. informed customers in an announcement last week that it would not be able to supply regasified LNG to fertilizer plants after its own supplier, Pakistan State Oil, alerted it to supply disruptions.
A resident listens on his mobile phone to Pakistani Prime Minister Shehbaz Sharif’s address to the nation on the ongoing US-Israeli conflict with Iran in Islamabad March 9, 2026. (Photo: Aamir QURESHI / AFP)(AFP)
Thailand
Thai authorities advised government employees to work remotely where possible and ordered public offices to set air conditioning to 26C to help conserve energy. In a statement, the government said all sectors should use resources carefully and efficiently and also asked officials to avoid foreign travel.
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Last week, Thailand said it had secured enough oil supplies for 2 months, but decided to suspend exports to preserve its reserves. The government also capped diesel prices at just under 30 baht (about $0.94) per liter for 15 days.
Vietnam
Vietnam’s government on Monday lifted tariffs on several imported oil products to help prevent fuel shortages and stabilize the domestic market. Authorities have also urged companies to allow employees to work from home whenever possible to reduce fuel demand, according to a statement on the government website.
Vietnam is not yet experiencing widespread fuel shortages, but state media said several smaller gas stations have temporarily closed or reduced operating hours due to dwindling supplies.
Bangladesh
Bangladesh has beefed up security at petrol stations, closed schools by sending students home and canceled decorative lighting planned for independence and Ramadan celebrations, officials said on Monday, according to AFP. The South Asian nation, home to around 170 million people, relies on imports for about 95% of its oil and gas needs.
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The country started receiving diesel supplies from countries like China and India. Officials said Bangladesh currently has enough fuel to meet demand for about one month, while measures are being taken to secure another month’s supply, Reuters reported.
The government in Hanoi further advised people to limit the use of personal vehicles and instead rely on public transport, cycling or carpooling. Despite these measures, thousands of motorcyclists were seen lined up at gas stations across the country on Tuesday as prices for unleaded petrol rose more than 20% since the start of the US-Israeli conflict with Iran more than a week ago.
Sri Lanka
Sri Lanka has increased retail fuel prices by more than 8% since Monday midnight to discourage hoarding and panic buying amid rising global oil prices, officials said on Tuesday, according to PTI. The move follows a surge in global oil prices, which topped $100 a barrel for the first time in four years, amid escalating tensions in West Asia.
Under the new pricing structure, the cost of commonly used petrol and diesel has increased by LKR 22 per litre, according to the state-run Ceylon Petroleum Corporation.
Read also | Gujarat Gas share price fell by 7%. What’s behind the sale?
India
LPG domestic cooking gas prices were increased by ₹60 per cylinder on Saturday in India, the second increase in less than a year, as rising global energy prices pushed up costs.
Indian Oil Corporation Limited, Bharat Petroleum Corporation and Hindustan Petroleum Corporation said the petroleum ministry has taken steps to increase LPG production while ensuring adequate supplies for domestic consumers and essential non-domestic sectors. To better manage supply, the ministry has also introduced a 25-day interval between bookings for consumers to discourage hoarding and curb black marketing.
Workers load LPG cylinders into a truck in Chikkamagaluru, Karnataka, Tuesday, March 10, 2026. (PTI Photo) (PTI03_10_2026_000152A)(PTI)
The Hotel Industry Association said on Tuesday that many hotels and restaurants in Mumbai may have to suspend operations over the next two days if the issue remains unresolved.
Pradeep Shetty, vice-president of the Federation of Hotel and Restaurant Associations of India (FHRAI), also noted that similar disruptions are being reported in several other cities, including Pune, Aurangabad, Nagpur, Delhi, Karnataka, Telangana and Andhra Pradesh, according to PTI.
Oil prices today
Oil prices fell more than 5% on Tuesday after hitting a three-year high in the previous session. The drop followed comments by US President Donald Trump that the conflict in the Middle East could end soon, which helped ease fears of a prolonged oil supply disruption.
Brent crude futures were down $6.64, or 6.7%, at $92.32 a barrel by 1202 GMT, while U.S. West Texas Intermediate (WTI) crude was down $5.44, or 5.7%, at $89.33 a barrel. Earlier in the day, both benchmarks fell by as much as 11%.
Business activity also dropped significantly, Reuters reported. Brent crude fell to around 284,000 contracts, the lowest level since February 27, just before the start of the US-Israel conflict with Iran. WTI volumes fell to around 255,000 contracts, the lowest since February 20.
On Monday, oil prices climbed above $119 a barrel, the highest level since mid-2022, as output cuts by Saudi Arabia and other producers raised fears of a major disruption to global supplies.
Meanwhile, energy ministers from the Group of Seven will meet on Tuesday to discuss ways to address rising energy prices caused by the war in Iran, while leaders from the European Union will discuss the issue later, officials said.
