Global Fuel Prices Surge 40% Amid Rising Middle East Tensions; Nations Enforce Crisis Measures

COLOMBO (News 1st) - Global fuel prices have skyrocketed by 40% due to escalating conflicts in the Middle East, triggering a wave of price hikes and energy-saving measures across 85 countries.

In mid-February, crude oil was trading between $80 and $85 per barrel. 

As of this morning, British Brent Crude has surged to $112.50.

Foreign media reports indicate widespread domestic fuel price increases, with Cambodia recording the highest jump at 68%, Vietnam 50%, USA Over 30% with Crude prices up 43%
Nigeria & Laos recorded 35% while Japan & South Korea recoreded over 25% surge in fuel prices. 

Canada recorded 28% rise in Crude Oil prices, Germany 14% and Russia 8.3%.

The crisis has led to severe shortages and operational breakdowns in several regions:

Situation in Australia reported Long fuel queues in major cities including Melbourne, Sydney, and Brisbane.

In Thailand, intermittent electricity tariff hikes have been reported as 60% of its power generation relies on increasingly expensive imported natural gas.

In Myanmar, The government has introduced an odd-even rationing system for fuel.

Severe power cuts since mid-March have even disrupted crematoriums, forcing limits on daily services due to a lack of stable electricity and gas.

India, has implemented multiple fuel price hikes, with the most recent taking effect yesterday.

In a bid to conserve energy,Pakistan has canceled the March 23rd Republic Day military parade. 

Reduced the work week to 4 days for government offices.

Instructed 50% of state employees to work from home.

Have closed schools for two weeks and shifting universities to online learning.

Fuel allowances for government vehicles have been reduced by 50%.