FACTBOX-Governments worldwide shield households from rising energy costs

Governments worldwide are trying to shield consumers from soaring energy costs resulting from the U.S.-Israeli war on Iran and the near-closure of the Strait of Hormuz.

Here's how different countries are responding: ARGENTINA ** Argentina's government partially increased fuel taxes while postponing further increases until June, according to a decree.

AUSTRALIA ** ​Australia is releasing petrol/gasoline and diesel from domestic reserves to ease shortages affecting rural supply chains, mining and agriculture. ** Its prime minister has encouraged citizens to use public transport. AUSTRIA ** Austria's coalition government in March introduced a "petrol price brake", ​an inflation-fighting measure aimed at cushioning consumers from the rise in oil prices caused by the Iran war. It said on May 30 it will ‌further shrink the ​brake.

BANGLADESH ** Bangladesh is seeking billions in external financing to secure fuel and liquefied natural gas imports. ** The country on June 1 raised retail fuel prices for the second time in six weeks, increasing petrol and kerosene prices by 5 taka ($0.04) per litre in a move that could add to inflationary pressures in the import-dependent economy. BRAZIL ** The Brazilian government announced measures including subsidies for diesel and liquefied petroleum gas, as well as lower taxes on jet fuel and biodiesel. ** Brazil's government is looking at ways to accelerate testing of higher biodiesel blends in diesel.

CHINA ** China's top leadership pledged to strengthen the country's energy security while pursuing rapid technological development and greater self-sufficiency. ** In mid-March, Beijing tightened restrictions on exports of most fertiliser products to protect ‌its farmers. ** The country on May 27 issued export quotas for urea fertiliser, a move that could help ease soaring global prices for one of the world's most widely used crop nutrients after supply disruptions linked to the Iran war. EGYPT ** Egypt and the International Islamic Trade Finance Corporation signed a $1.5 billion loan agreement on May 13 to support food and energy security in the North African country. ** The country will slow down large state projects that involve high fuel and diesel consumption for at least two months, while fuel allocations for all government vehicles will be cut by 30%. ** Egypt has capped the price of unsubsidised bread sold in private bakeries.

ETHIOPIA ** Ethiopia has increased fuel subsidies. EUROPEAN UNION ** The European Union will let governments spend more on subsidising companies affected by soaring fuel and fertiliser prices. ** The European Union is considering requiring countries to hold stockpiles of jet fuel and potentially redistribute it based on regional needs and shortages. ** The European Commission has set out plans to cut electricity taxes and coordinate the summer refill ‌of countries' gas storage.

GREECE ** Greece's prime minister said in March the country would offer subsidies for fuel and fertilisers and ferry ticket discounts worth a total €300 million ($346 million) in April and May to shield consumers and farmers. ** Athens has announced €500 million in extra aid to households and farmers struggling with the impact of the Iran war after a higher primary budget surplus for 2025 offered headroom for fresh support. INDIA ** India has barred piped natural gas customers from buying LPG cylinders. It has ‌also cut LPG supplies to some industries. ** Prime Minister Narendra Modi has urged citizens and businesses to conserve fuel and revive work-from-home practices to cut petrol and diesel consumption. ** India further raised a windfall tax on exports of diesel and aviation turbine fuel to ensure adequate domestic supply.

INDONESIA ** Indonesia announced a slew of measures intended to counter soaring energy prices, including limiting fuel sales and implementing a "work from home" policy for civil servants. ** President Prabowo Subianto wants to increase the country's coal production, and the government is considering a windfall tax on exports. ** Indonesia will start implementing the B50 biodiesel programme on July 1. B50 - a blend of 50% palm oil-based biodiesel and 50% conventional diesel - is part of a government programme to mitigate Iran war risks. ITALY ** Italy extended a cut in excise duties on fuels, with the extension focusing more on diesel than on petrol.

JAPAN ** Japan said it will relax rules for the fiscal year that began in April to increase the use of coal-fired power plants. The country has also opened up its oil stockpiles, rolled out gasoline subsidies, and is seeking energy supplies beyond the Middle East. ** The country plans to increase imports of intermediate chemical products such as plastics as it faces tighter ⁠naphtha supplies due to the conflict. ** ​Japan's industry ministry said the benchmark for calculating gasoline price subsidies will switch back to Dubai crude prices from Brent crude on June ⁠4. Dubai crude prices, which had been volatile due to the Middle East tensions, have stabilised and the gap with Brent crude has narrowed. KENYA ** Kenya's President William Ruto said the government would cut the price of diesel to provide relief to consumers after protests over soaring energy prices.

MALAYSIA ** Malaysia has secured enough energy supplies to last until the end of July amid disruption. ** Malaysia's treasury has ordered all federal ministries, departments and agencies to cut their operating budgets for 2026 due to Iran war costs. ** Malaysia will raise spending on petrol subsidies to 2 billion ringgit ($510 million) from 700 million ringgit to ⁠maintain the fixed price of the fuel. ** The government said it is applying measures to shore up fertiliser supply amid a domestic supply crunch. MAURITIUS ** Mauritius said it would introduce energy-saving measures. Restrictions announced include curbs on grid power for non-essential uses such as decorative lighting, swimming pool heating and fountains, the government said.

NAMIBIA ** Namibia's government will temporarily reduce fuel levies by 50% for at least three months until the end of June. THE NETHERLANDS ** The Dutch government announced temporary tax breaks to compensate for rising fuel prices and said it would prepare further measures in case ​the energy crisis worsens.

NIGERIA ** Nigeria's Dangote refinery, the largest in Africa, has increased exports of gasoline and the widely used chemical urea to African countries hit by supply disruptions caused by the war. PAKISTAN ** Pakistan plans to boost domestic storage for crude oil and refined products to increase its energy security.

PHILIPPINES ** The energy market regulator in March suspended the wholesale electricity spot market across its three grids due to fuel supply risks and price volatility. ** ⁠It plans to curb power bills by boosting coal-fired power generation and regulating electricity tariffs. ** The Philippines is working with Washington to secure waivers so it can obtain oil from U.S.-sanctioned countries and guarantee supplies. ** The energy ministry said it was activating a 20 billion peso ($333 million) emergency fund to strengthen fuel security amid oil price volatility. POLAND ** Poland last month said it would extend measures to keep fuel prices under control due to the war in the Middle East until at least the end of May.

** It also said it plans to propose a windfall tax on oil and gas companies' profit from surging energy prices ⁠due to ​the Iran war to help cover the cost of national fuel tax cuts. ROMANIA ** The government said it will reduce excise tax on diesel by 0.30 lei ($0.0679) per litre.

SERBIA ** Serbia will cut excise duties on crude oil by a cumulative 60% and has extended a ban on crude oil and fuel product exports. SINGAPORE ** Singapore will deliver a support package worth almost S$1 billion ($780 million), including cash handouts and fuel vouchers, to offset the economic impact of the conflict.

SLOVENIA ** Slovenia temporarily limited fuel purchases to tackle shortages at the pump caused in part by cross-border fuelling and stockpiling. SOUTH KOREA ** South Korea is easing limits on coal-fired power generation capacity and raising nuclear plant utilisation to as high as 80%. ** It has begun enforcing a ban on naphtha exports to boost domestic supplies.

SPAIN ** Spain's government proposed measures worth €5 billion to counter the economic impact of the Middle East conflict on local energy prices. SRI LANKA ** Sri Lanka's central bank raised its policy rate by an outsized 100 basis points and signalled more ⁠tightening as surging energy costs whip up inflation and batter its currency. ** The country is in talks to buy Russian crude and refined fuels from Russia and China, as the import-dependent nation seeks to alleviate shortages. ** Sri Lanka is relying on $1.73 billion in funding from international agencies and India to help it manage the financial impact of the soaring price of energy imports. ** It has introduced fuel rationing and declared Wednesdays a public holiday.

SWEDEN ** Sweden's right-wing government said ⁠it has agreed to halve the price of monthly public transport passes in the second half of 2026. ** The Swedish government said it had earmarked ⁠500 million crowns ($54 million) to support airlines. The government said it would temporarily lower fuel tax and introduce other measures to shield households and businesses. ** Sweden warned of a potential shortage of jet fuel, with the country's energy minister telling travellers they needed to build some flexibility into their plans where possible.

THAILAND ** Thailand's Commerce Ministry tightened crude palm oil exports and controlled bottled palm oil prices. ** The government is planning a borrowing guarantee for an oil subsidy fund, along with other support measures, to mitigate the impact of high oil prices. ** The Thai Planning Agency said the government will freeze prices of some goods and provide support for farmers. UK ** Britain plans to weaken the link between electricity costs and volatile gas prices, saying ‌it would push older wind and solar generators onto fixed contracts to reduce energy bills.

VIETNAM ** ‌Vietnam ramped up imports of refined oil products to offset a drop in crude supplies for the country's refineries, data shows. ** The country will switch fully to ethanol-blended gasoline earlier than planned to help curb fossil fuel use, a government document showed. ($1 = ​122.2500 taka)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)