Australia, New Zealand, and South Korea are set to introduce a slew of measures to mitigate the lurking impact of rising oil prices caused by an escalating Middle East armed conflict, local media reports said on Monday.
Australian Capital Territory (ACT) authorities have urged residents to consider swapping to public transport, bicycles, or an electric vehicle as the cost of fuel rises amid the ongoing war in the Middle East, according to the Australian Broadcasting Corporation.
Disruption to global supply chains has increased the cost of fuel around Australia, including in Canberra.
Authorities have pointed to panic buying in response to the ongoing Middle East conflict and the disruption to global supply chains as the cause of the fuel price hikes.
The ACT's fuel stocks are not at a level that would require rationing, but legislative arrangements exist if rationing becomes necessary, Energy and Water Minister Suzanne Orr said.
Minister for Transport of the ACT Chris Steel said public transport is the best way to get around, but fare reductions are not currently on the cards.
He urged Canberrans "who have the means" to consider purchasing an electric vehicle.
"It's one that we want to encourage because we want to shift people into electric vehicles to support our climate goals, but it's a really good way of saving money as well," he said.
Fatih Birol, chief of the International Energy Agency, said he is not yet worried about fuel stocks in Australia, but warns no country will be immune from the Middle East war's impacts on its oil and gas supply.
The current energy crises is worse than shocks in the 1970s and the impact of the ongoing Russia-Ukraine war combined, he noted.
New Zealand's Prime Minister Christopher Luxon said the country had at least enough fuel for the next seven weeks, although the government was preparing in case of long-term further disruption.
"If you are someone who has just faced a 30% increase in your fuel bill or a 60% increase in your diesel bill since the actual crisis, since this conflict has commenced, it's real," state-run Radio New Zealand cited Luxon as saying.
Wellington is set to reveal "targeted and temporary" support for hard-hit families on Tuesday, as fuel costs continue to rise.
"This conflict is impacting just about every New Zealander. It has pushed up the price of petrol, diesel, and jet fuel, and those increases are already hurting our people and our businesses. Unfortunately, the government is not in a position to mitigate that impact on everyone," Finance Minister Nicola Willis said.
For now, there are no concerns about fuel supplies in New Zealand, she said.
South Korea's Finance Ministry is assessing support measures for impacted industries affected by trade disruptions with the Middle East, Seoul-based Yonhap News reported.
Budget Minister nominee Park Hong-keun on Monday said a proposed supplementary budget bill should include measures to stabilize energy supplies, including oil reserves.
Separately, Alireza Delkhosh, Iranian ambassador to the South Asian nation of Sri Lanka, on Monday said Tehran will provide oil supplies to Colombo if demanded, according to a video record of his news conference.
"Sri Lanka is our friend country," Delkhosh told reporters, adding that the Strait of Hormuz "is not closed to our friend(ly) countries' vessels."
“If Sri Lanka demands oil or any other necessity goods, Iran will supply and provide these goods to Sri Lanka,” he said, adding: "We don't want to see Sri Lanka in trouble."
"The nation of Sri Lanka is very esteemed and respected people to Iran," said Delkhosh.
Regional tensions in the Middle East have continued to escalate since the start of joint attacks by the US and Israel on Iran on Feb. 28, killing so far over 1,300 people, including then-Supreme Leader Ali Khamenei.
Iran has retaliated with drone and missile strikes targeting Israel, along with Jordan, Iraq, and Gulf countries hosting US military assets, causing casualties and damage to infrastructure while disrupting global markets and aviation.
Tehran has also imposed control over the Strait of Hormuz, a critical waterway for global energy and other supplies to most of Asia.
By Anadolu staff
Anadolu Agency
energy@aa.com.tr