"Developing economies in Asia, Africa, and the Middle East are bearing the brunt of surging energy costs prompted by the closure of the Strait of Hormuz and attacks on oil and gas facilities across the Gulf."
"In Pakistan, which imports about 80 percent of its energy from the Gulf, authorities have scrambled to roll out measures to conserve fuel, including closing schools and introducing a four-day work week for government offices."
"Pakistani Prime Minister Shehbaz Sharif decided against a proposed hike in petrol and diesel prices, stating that the government would bear the burden of rising costs ahead of the Eid Al-Fitr celebration."
"There are fears that petroleum prices will surge and bring economic activity to a halt if the war drags on, highlighting the severe shock to the economy."
Developing economies in Asia, Africa, and the Middle East are facing significant challenges due to surging energy costs linked to geopolitical tensions. Countries like Pakistan, Bangladesh, and Egypt are heavily reliant on imported energy and lack the financial capacity to manage rising prices. In Pakistan, authorities have implemented measures such as closing schools and reducing work hours to conserve fuel. The government has also delayed price hikes to alleviate public burden, but concerns remain about potential economic stagnation if energy prices continue to rise amid ongoing conflicts.
Read at www.aljazeera.com
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