Governments across the globe are scrambling to shield consumers from surging energy costs, a consequence of the U.S.-Israeli conflict with Iran and the near blockage of the Strait of Hormuz.
In Australia, authorities are tapping into domestic reserves to address rural fuel shortages while advocating for public transport. Austria introduced a ‘petrol price brake,’ a strategic move to manage inflationary pressure on oil prices, while Argentina has adjusted fuel taxes to alleviate consumer strain.
This energy crisis has prompted diverse responses, including Brazil exploring high biodiesel blends, China tightening fertilizer exports, and Italy cutting excise duties on diesel. These initiatives highlight the global effort to cushion economic disruption and maintain energy security.
(With inputs from agencies.)
