By Ayo Kehinde
Governments across several regions have begun introducing emergency energy measures as the ongoing war in the Middle East continues to disrupt global oil supplies and push fuel prices higher.
Hungary has announced a ban on the export of crude oil, diesel and 95-octane petrol in a move to protect domestic supply and shield consumers from the sharp rise in energy costs.
The country’s Economy Minister, Marton Nagy, who disclosed the decision in a Facebook post on Tuesday, said the government would also release fuel from its strategic reserves equivalent to 45 days’ supply.
The measure followed an earlier announcement by Prime Minister Viktor Orbán that Hungary would cap fuel prices to protect households and businesses from the impact of surging global oil prices triggered by the conflict in the Middle East.
In North Africa, Egypt has increased domestic fuel prices by up to 30 percent, citing what it described as “exceptional” global energy pressures arising from the war, which has disrupted oil supply chains and key shipping routes.
The Egyptian Petroleum Ministry said the price adjustments apply to petrol, diesel and natural gas used in vehicles.
“This comes in light of the exceptional situation resulting from the geopolitical developments in the Middle East region and their direct impacts on the global energy markets”, the ministry said in a statement.
Meanwhile, Pakistan has introduced what it described as “war austerity plans” to cope with the global oil crisis linked to the escalating conflict.
Prime Minister Shehbaz Sharif announced that government offices would operate a four-day work-week, while schools and colleges would remain closed for the next two weeks. Higher education institutions are expected to continue academic activities through online learning.
According to local media reports, Sharif also directed both public and private organisations to ensure that at least 50 percent of their workforce work from home in order to reduce fuel consumption.
Under the austerity measures, government and official vehicles will receive 50 percent less fuel allocation for the next two months, while all parliamentarians will take a 25 percent salary cut.
In a related development, Saudi Arabia’s Defence Ministry confirmed on Tuesday that its military intercepted and destroyed a drone east of Al-Kharj governorate.
The incident came hours after Saudi forces shot down two other drones heading toward the eastern part of the country, highlighting rising security concerns in the region as tensions continue to escalate.
The measures taken by Hungary, Egypt and Pakistan reflect growing global anxiety over energy security as the conflict continues to reverberate across international oil markets.
