Asian countries are considering introducing remote work and other measures used during the COVID-19 pandemic due to global fuel shortages amid the war in the Middle East, Reuters reports.
No country in the region has yet imposed mandatory remote work, but some have said they are considering it. "I think it's a good idea," said South Korean Energy Minister Kim Sun-hwan, responding to a question about the International Energy Agency's (IEA) recommendation that employees work from home.
"We will consult with relevant ministries and actively consider measures to organize teleworking," the energy minister added.
The IEA has proposed a number of measures to reduce price pressures, including teleworking and avoiding air travel. IEA Executive Director Fatih Birol echoed those calls earlier this week.
The Philippines has also shortened the work week in some government agencies. President Ferdinand Marcos declared a national energy emergency, saying the conflict posed an "imminent danger" for the country's power supply.
Pakistan has closed schools for two weeks and announced that office workers will work from home more often.
The island nation of Sri Lanka has declared every Wednesday a public holiday to expand its fuel reserves.
Singapore has urged residents and businesses to switch to energy-efficient appliances, use electric vehicles and set their air conditioners to higher temperatures.
Thai Prime Minister Anutin Charnvirakul has instructed officials to suspend overseas business trips, set air conditioners above 25 degrees Celsius, give up suits and ties, use stairs instead of elevators and work from home.
The Japanese government will relax 800 billion yen ($5 billion) from reserve funds for subsidies to keep gasoline prices at an average of about 170 yen per liter.
New Zealand will provide temporary financial support of 50 New Zealand dollars ($29.30) per week to low-income families starting in April.
In Australia, the government has introduced a bill in parliament to double penalties for fuel price hikes.
Some Asian countries have also released gasoline and diesel from domestic reserves and temporarily relaxed gasoline and diesel quality standards to increase supply.
Unlike the measures taken during the pandemic, however, central banks are reluctant to cut interest rates; instead, they are considering raising them.
Following the start of the US-Israeli military operation against Iran, Iran announced a halt to trade in the Strait of Hormuz, through which up to 20% of the world's oil supplies and over 30% of its liquefied natural gas (LNG) pass. Iranian authorities later clarified that the strait would remain open to all but the US and its allies.
On March 20, Iran began charging fees for ships passing through the strait and created a "safe corridor" for approved tankers. A few hours later, the U.S. Treasury Department issued a license authorizing the sale of approximately 140 million barrels of Iranian oil.
A day earlier, Tehran had allowed ships from Russia and other friendly countries to pass through the blockaded Strait of Hormuz.
On March 11, IEA member countries agreed to release a record 400 million barrels of oil from strategic reserves to combat the sharp rise in global oil prices. The 32 IEA member countries hold strategic reserves of approximately 1.2 billion barrels of oil.