AsianOil - Asia Oil & Gas
VAT cut eases Cambodian households’ fuel price burden
Cambodia has slashed the value-added tax (VAT) on regular gasoline and diesel from 10% to 4%, a move aimed at reducing the impact of soaring global oil prices on consumers.
Myanmar imposes strict fuel limits amid rising prices
Fuel prices in Myanmar have surged sharply, with strict rationing measures now affecting major cities as authorities struggle to manage supply.
Vietnam Airlines trims domestic flights as fuel costs soar
Vietnamese carriers are preparing to scale back selected domestic services and increase fuel surcharges on international routes as jet fuel prices climb and supply risks intensify, aviation authorities say.
Crude market volatility reflects Trump administration’s unpredictable war moves, says analyst
The US has temporarily lifted sanctions to permit the sale and delivery of Iranian oil, allowing for up to 140 million barrels of crude to enter global markets over the coming weeks.
Singapore central bank to review inflation outlook in April as energy prices surge
Singapore’s central bank said it will update its inflation outlook in April as it assesses the impact of rising global energy prices triggered by the Middle East conflict.
Taiwan gas stocks steady despite Qatari supply fears
Chinese refiners eye Iran oil under temporary US waiver
China’s state-owned refiners are reviewing potential purchases of Iranian crude after Washington allowed limited sales of cargoes already loaded on tankers to ease supply pressures from the Middle East conflict.
South Korea orders driving curbs as oil risks grow
South Korea will enforce a five-day vehicle restriction system for public sector workers from March 25 as rising Middle East tensions threaten crude oil and gas supplies, President Lee Jae Myung said at a Cabinet meeting on March 24.
Sri Lankan stocks slip as global cues weigh on sentiment
Pakistan outlines off-grid energy push, integrated LNG strategy
A Pakistani energy executive has set out a detailed vision for a sustainable energy transition in the country by linking off-grid systems to LNG integration and renewable innovation.
Pakistan triples high-octane fuel price
Prime Minister Shehbaz Sharif has approved a steep increase in the price of high-octane fuel, raising it from PKR100 ($0.36) per litre to PKR300 per litre, as part of efforts to generate revenue while protecting ordinary consumers.
Gold and silver tumble in India on global cues
Iran offers fuel support as Sri Lanka faces deepening energy crisis
Iran has signalled its willingness to supply fuel and essential goods to Sri Lanka if requested, as the island nation struggles with worsening shortages and soaring costs.
India's strategic petroleum reserve capacity exceeds 5.3mn tonnes
Prime Minister Narendra Modi on March 23 said India has built strategic petroleum reserves exceeding 5.3mn tonnes and is advancing plans to add over 6.5mn tonnes of additional storage capacity.
Fuel hikes in Vietnam hit ride drivers’ earnings
Ride-hailing drivers in Ho Chi Minh City are facing shrinking incomes as soaring petrol prices outpace the short-term support offered by app platforms.
Thai authorities seize 20,000 litres of diesel near Myanmar border
Thai officials have detained two suspects after intercepting a large diesel shipment allegedly destined for Myanmar amid tightening fuel supplies at home.
Fuel shortages prompt Myanmar to tighten purchase limits
Myanmar is tightening fuel controls as shortages worsen, introducing a barcode and QR code system to limit purchases and manage supplies amid global oil price pressures.
Thailand braces for higher electricity bills as LNG costs climb
Thailand is preparing for a potential rise in electricity tariffs as soaring liquefied natural gas (LNG) prices push up power generation costs.
Russia’s oil exports to India jump 27% in March
Russia’s oil exports to India rose by 27% month-on-month (m/m) in March to 1.4mn barrels per day, while Urals crude traded at a $5 per barrel premium to Brent in the Indian market.
Bangladesh looks for more than $2bn in funding to ease fuel, LNG woes
Bangladesh is looking for in excess of $2bn in external financing to help secure fuel and LNG imports, as the government led by new Prime Minister Tarique Rahman moves to stabilise the economy.
Fuel shock in the fast lane: how Asia’s drivers are paying the price of war
The war involving the United States, Israel and Iran has sent a delayed shockwave through global energy markets and nowhere is the impact more acute than at petrol pumps across Asia.
Malaysia fuel prices jump after Middle East conflict, subsidies surge to $812.3mn
Fuel prices in Malaysia have risen sharply after the escalation of the US–Israel conflict with Iran pushed global oil prices higher and disrupted supply routes, with unsubsidised pump prices climbing for a second consecutive week
Eni invests $15bn in East Kalimantan deepwater gas projects
Italian energy major Eni has taken a final investment decision (FID) on the Geng North and Gendalo-Gandang offshore gas developments in East Kalimantan, committing around $15bn to one of Indonesia’s largest deepwater energy projects in recent years
Diesel prices in Singapore hit $2.91 per litre, rising above petrol prices
Diesel prices in Singapore have climbed to between SGD3.56 ($2.77) and SGD3.73 per litre before discounts at major fuel stations, overtaking the price of 95-octane petrol for the first time in years
Philippines allows cheaper fuel to combat oil volatility
As geopolitical instability in the Middle East threatens global petroleum stocks, the Philippines' Department of Energy (DOE) has sanctioned the restricted and provisional distribution of lower-grade oil to protect the domestic market.
Energy shock, economic woes test Thailand’s new government
Thailand’s Prime Minister Anutin Charnvirakul has secured a second term, but his new government inherits a fragile coalition, a struggling economy, and an urgent energy crisis.
Bangladesh seeks $2bn in loans to shore up energy security
Bangladesh is moving to secure nearly $2bn in loans from multilateral lenders as it grapples with mounting energy security concerns driven by rising global fuel prices linked to the Middle East conflict.
Thai police expand maritime operations against fuel smuggling
Thai authorities have launched an expanded sea operation to combat fuel smuggling and illegal oil trading, officials announced on March 22.
Laos cuts school week to three days amid fuel crisis
Laos has reduced the school week to three days as authorities scramble to curb energy use during a worsening fuel shortage
Jet fuel shortage forces Myanmar airlines to suspend service
Several airlines in Myanmar have temporarily halted domestic operations as a shortage of jet fuel disrupts flight schedules and ticket sales.
Passengers to Vietnam face surcharges amid fuel spike
More than 60% of international airlines have raised fares or are preparing to do so from mid-March as soaring fuel costs squeeze the aviation sector.
Manila fishers lose half earnings as fuel climbs
Artisanal fishers in metropolitan Manila are seeing their daily takes nearly halved as soaring diesel costs make voyages to sea increasingly unaffordable.
India's core sector output modest in February
Crude oil production fell 5.2% y/y, extending a cumulative decline of 2.5% for the April-February period. Natural gas output contracted 5.0% y/y with a cumulative fall of 3.5%. Petroleum refinery production declined 1.0% y/y
Pakistan absorbs $250mn fuel cost to cushion consumers
Pakistan has taken on a financial burden of PKR69bn ($250mn) to stabilise petroleum product prices and shield consumers from rising costs.
Sri Lanka hikes fuel prices for the second time this month
Sri Lanka has sharply increased retail fuel prices by 24%–30%, pushing rates close to levels last seen during the 2022 economic crisis, as authorities respond to rising global oil prices.
Refined oil products caught in Iran war energy shock maelstrom
The sharp rise in refined oil product prices is intensifying the economic fallout from the latest energy shock, compounding the effects of disrupted crude flows and tightening supply chains.
Iran begins charging vessels to transit Strait of Hormuz through IRGC-controlled 'safe corridor'
Iran begins charging up to $2mn per vessel for passage through a new IRGC-controlled "safe corridor" in the Strait of Hormuz, with India, China, Pakistan and Iraq among countries negotiating access.
Philippines weighs expanded subsidies as oil prices add pressure
Marcos also said the administration is seeking to diversify energy sources beyond traditional suppliers in the Middle East.
Malaysia emerges as regional energy and stock haven as Iran war drags on
Malaysia has emerged as one of Southeast Asia’s top-performing markets as the war in Iran drives energy prices higher and pushes global investors towards economies better positioned to weather volatility.
Gold and silver fall in India after US Fed holds rates
QatarEnergy warns of potential force majeure on Korean LNG contracts
QatarEnergy may be forced to declare force majeure on long-term LNG contracts with several countries, including South Korea, as supply disruptions persist, according to a report citing the company’s chief executive.
India's ceramic hub falls silent as Middle East conflict disrupts gas supplies
Most factories in Morbi, the ceramics manufacturing powerhouse in India's Gujarat, have remained shut as fuel shortages linked to the Iran conflict continue to disrupt production.
Thai industry urges action on rural fuel shortage
The Federation of Thai Industries (FTI) has appealed to the government to take immediate action to address a growing fuel shortage affecting rural areas. Small-scale oil distributors, known locally as “jobbers”,
Vietnam requests crude and gas supplies from Algeria
Vietnam is seeking additional crude oil and natural gas from Algeria as global energy markets face disruption linked to tensions in the Middle East.
South Korea secures 24mn barrels of UAE oil
A senior official from the South Korean presidency confirmed on March 18 that the United Arab Emirates has committed to viewing Seoul as its primary partner for petroleum exports.
Asia turns to Russian fuel in record volumes
China is also increasing its purchases from Russia, with imports estimated at 1.2mn to 1.5mn tonnes – primarily for use as a substitute feedstock in refineries.
Eni approves $5bn Indonesia gas projects
Italian energy group Eni has approved two major offshore gas developments in Indonesia that are expected to produce around 2bn standard cubic feet per day (cf/d) of natural gas, the company said on March 18.
Japan petrol prices hit record level
Japan’s average retail petrol price has reached a record JPY190.80 ($1.19) per litre, reflecting higher crude costs linked to the Iran conflict, according to data released on March 18 by the nation’s industry ministry.
Bangladesh turns to coal as LNG crunch deepens
Bangladesh has sharply increased coal-fired power generation this month as an acute LNG shortage disrupts gas-based electricity output, following supply constraints linked to the ongoing conflict in the Middle East.
Taiwan absorbs $100mn to blunt fuel prices
Taiwanese state-owned energy provider CPC Corp. has absorbed approximately TWD3.3bn ($100mn) in additional fuel expenses over the last fortnight to maintain domestic price stability.
Philippines suspends fare rise, Marcos expands subsidies
President Ferdinand Marcos Jr has frozen a planned rise in public transport fares, stating that the current global instability makes it "not the time" to increase costs for citizens.
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