"The strait of Hormuz, one of the most important waterways in the world, through which about a fifth of international oil supplies usually travel, has been all but closed since the start of the US-Israel war on Iran. Last week, oil prices topped $100 per barrel for the first time since Russia's invasion of Ukraine four years ago."
"The Indian government has invoked emergency powers and directed refiners to maximise production of LPG, to prevent a shortage of the fuel widely used for cooking. It cut sales to industry to avoid a shortage for 333 million homes with LPG connections."
"On Sunday, Sri Lanka introduced fuel rationing to extend the life of its supplies. Under the new system, motorcycles will be allocated 5 litres, cars 15 litres, and buses 60 litres of fuel per week."
The Middle East conflict has severely disrupted global shipping routes and caused oil prices to surge above $100 per barrel for the first time since Russia's invasion of Ukraine. The Strait of Hormuz, through which approximately one-fifth of international oil supplies travel, has been effectively closed. Kerosene prices have risen faster than other fuels. India has implemented emergency measures directing refiners to maximize LPG production and restricted industrial sales to protect 333 million households. Sri Lanka introduced weekly fuel rationing with specific allocations for motorcycles, cars, and buses. Pakistan's government announced school closures and remote work policies to reduce fuel consumption and government spending amid surging oil prices.
Read at www.theguardian.com
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