Fuel shortages push South Korea, Philippines, Thailand into crisis mode

Fuel-dependent economies across Asia are introducing emergency measures as the global energy crisis intensifies, forcing governments to respond to supply shortages and rising price volatility.

In South Korea, President Lee Jae Myung announced a new emergency response system on Thursday, calling on the public to reduce consumption and support conservation efforts, as per US media.

"Actively participate in small everyday actions, such as using public transportation and conserving energy,” he urged. 

He also asked gas stations to cooperate with the government’s oil price cap on refinery supply prices and called on citizens to cut electricity usage. At the same time, authorities are working to keep electricity tariffs stable, noting that the country’s sole electricity provider is state-run.

Elsewhere in the region, the Energy Regulatory Commission in the Philippines said it had suspended the wholesale electricity spot market until further notice, citing risks to fuel supply and heightened price volatility.

In Thailand, the government’s decision to scale back fuel subsidies triggered panic buying, with long lines forming at gas stations. Videos circulating on social media showed motorists rushing to fill their tanks on Wednesday night, March 25, amid fears of further price increases.

By Tamilla Hasanova