Domestic gasoline prices will now be adjusted one day after the base price increases by 15% or more, a change from the previous 7% fluctuation threshold, according to a new government resolution.
After queuing for four days without success in exchanging a gas cylinder for cooking, Maya Rani and millions of Indian families are struggling amidst a broken energy supply chain.
Rising gasoline prices, fueled by Middle East tensions, are encouraging many customers to switch to electric vehicles, but it will take time for this to become a widespread trend.
In the first half of March, Vietnam spent nearly 492 million USD to import over 533,000 tons of various petroleum products, an increase of over 41% compared to the same period.
The prime minister stated Vietnam is determined to prevent fuel shortages and may consider allocating a budget to support price stabilization if the Middle East conflict prolongs.
Conflict in the Middle East has pushed fuel and fertilizer prices to record levels, severely impacting numerous farms and driving them towards bankruptcy.
The Japanese government has pledged to release a record 80 million barrels of oil from its strategic reserves, an amount equivalent to 45 days of the nation's supply.
