Asia governments to cap fuel prices as oil costs jump
Authorities in South Korea and Thailand said they would set limits on fuel prices. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Asian governments are moving to cap fuel prices in response to surging global oil costs, exacerbated by the US-Israel war with Iran. Crude oil prices have surpassed $100 a barrel amidst concerns of Middle East energy supply disruptions.
- South Korea and Thailand announced measures to set limits on fuel prices.
- South Korean president Lee Jae Myung stated his government would "swiftly implement" a petrol price cap due to the economic burden of energy imports.
- Thailand's Prime Minister Anutin Charnvirakul plans to cap diesel prices for 15 days amid fuel stockpiling fears.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
Stock Markets Slump as Oil Prices Surge Over Strait of Hormuz Fears - March 2026
Global stock markets have significantly declined while oil prices surged above $100 a barrel due to escalating fears of supply disruptions through the Strait of Hormuz amid the ongoing US-Israeli conflict with Iran. Asian governments are moving to cap fuel prices in response to surging global oil costs, exacerbated by the US-Israel war with Iran. Bahrain's national oil company, Bapco Energies, has declared a force majeure on its operations following an Iranian drone attack on its refinery early Monday morning, resulting in civilian injuries while local demand remains secured. Meanwhile, G7 nations are convening an emergency meeting to address the economic fallout from the escalating conflict, which has sent oil prices soaring and stock markets plummeting.
