AsianOil - Asia Oil & Gas

Vietnam considers fuel duty cuts amid Middle East conflict

Vietnam is weighing the temporary removal of fuel import duties as the Middle East conflict disrupts global supplies and pushes oil prices to their highest levels in years.

Thailand seeks cheaper fuel for remote petrol stations

Thailand’s Energy Ministry plans to streamline the fuel supply chain by allowing remote petrol stations to buy diesel directly from major suppliers, aiming to reduce high regional prices.

Vietnam plans letting fuel companies adjust retail prices

Vietnam’s government is considering allowing fuel companies to set their own retail prices, under a proposal aimed at giving businesses greater flexibility while maintaining oversight of the market.

Oil surges past $100, Thailand prepares response measures

Thailand will hold an urgent energy meeting after global oil prices surged past $100 a barrel, raising concerns over rising living costs and business expenses.

Myanmar residents struggle as fuel supplies run low

Fuel shortages are spreading across southern Myanmar despite the military government’s claim that the country has enough supplies to last around 40 days.

Fuel price hike sparks economic concerns in Cambodia

A sudden increase in fuel prices has triggered panic buying and driven up transport and service costs in Cambodia, raising concerns about a wider economic impact.

Oil price spike at over $100 per barrel as market faces possibly worst crisis in history

Brent was trading at over $108 per barrel as of 06:30 GMT today, up from the early $70s prior to the US and Israel launch of strikes against Iran on February 28.

Philippine palace seeks emergency powers to cut fuel tax

The Philippine presidency is preparing to submit a formal appeal to the legislature to provide President Marcos with extraordinary authority to slash fuel duties.

Indonesia warns of possible subsidised fuel price rise

Indonesia may be forced to raise subsidised fuel prices should the global oil prices keep rising and exceed the state budget’s capacity to absorb the additional costs, according to Finance Minister Purbaya Yudhi Sadewa

Indonesia opens 10 new oil and gas blocks to global investors

The Ministry of Energy and Mineral Resources (ESDM) of Indonesia has formally launched 10 new high-potential oil and gas blocks, making them available to international investors as part of a broader effort to revitalise Indonesia’s upstream energy

Japan weighs release of national oil reserves

The Japanese government is understood to be considering tapping its national oil reserves to prepare for potential prolonged supply disruptions as the US-Israeli conflict with Iran drags on.

Asia’s energy reserves under pressure as ‘2026 energy shock’ takes hold

The closure of the Strait of Hormuz has thrown a harsh spotlight on a simple but decisive question for Asian governments: how long their energy reserves can last as part of the 2026 energy shock

South Korea prepares strategic oil release as tensions rise

South Korea is formalising emergency measures to release crude and petroleum products from its strategic reserves as escalating Middle East tensions threaten global energy flows.

India raises LPG cylinder prices

India has raised the prices of domestic and commercial liquefied petroleum gas (LPG) cylinders from March 7.

Pakistan fuel price hike raises inflation and growth concerns

Pakistan’s economy is expected to face renewed pressure following a sharp increase in fuel prices of more than 20%.

Cambodia confirms stable fuel supply despite price rise

Cambodia continues to maintain a stable fuel supply despite recent increases in global oil prices and concerns about possible shortages, according to Minister of Mines and Energy Keo Rottanak.

Laos inspects petrol stations after panic fuel purchasing

Authorities in Vientiane and other provinces are conducting inspections of fuel storage levels at petrol stations following panic buying triggered by concerns over Middle East tensions affecting global energy supplies.

Vietnam transport sector hit hard by fuel surge

"Now it's business, not friendship." Russia ends discounted oil sales to India

Russian President Vladimir Putin told Indian Prime Minister Narendra Modi, “No more Mr Nice Guy. It’s just business now,” after the US softened sanctions on India’s purchase of Russian oil to alleviate a growing supply side squeeze.

Asia desperate for energy as Gulf disruption spreads

Across Asia, motorists are joining long lines at petrol stations as prices climb and governments across the region come to the realisation they could be left struggling to meet the energy demands of some of the world’s most populated countries.

US gives India 30-day waiver for Russian oil

India’s available reserves of around 100mn barrels would therefore last for only about six weeks, reportedly leaving New Delhi with limited alternatives to Russian supplies despite previous commitments to reduce purchases.

Hormuz crisis: oil markets move from disruption to chaos

The global oil market is sliding from disruption into what could become a full-scale crisis, as the blockade of the Strait of Hormuz leaves Gulf exporters unable to ship crude and running out of storage capacity.

Philippines considers emergency diesel reserves as oil prices surge

The Philippine government is considering establishing an emergency diesel reserve as global oil prices rise amid escalating tensions in the Middle East.

Taiwan reports oil and gas reserves above minimum

Taiwan holds sufficient crude oil reserves to cover more than 100 days of demand and natural gas stocks that would last for over 11 days, both exceeding the country’s mandated minimum levels, according to Economy Minister Kung Ming-hsin.

South Korea warns oil firms over price collusion

President Lee Jae Myung issued a new warning to domestic oil refiners on March 6 over suspected coordination in raising fuel prices, as tensions in the Middle East continue to escalate following US and Israeli strikes on Iran.