Global Responses to Surging Oil Prices: A Comprehensive Overview

Mon Mar 30 2026 10:53:38 GMT+0000 (Coordinated Universal Time)

Countries worldwide are implementing various measures, such as free public transport and fuel rationing, to combat the economic fallout from rising oil prices due to geopolitical turmoil.

As global oil prices soar due to the war in Iran and disruptions in the Strait of Hormuz, governments around the world are responding with diverse strategies. From fuel rationing in Sri Lanka to free public transport in Australia, nations are taking steps to shield consumers and mitigate economic impacts. This article explores the measures adopted by different countries to address the rising fuel costs.

Global Responses to Surging Oil Prices: A Comprehensive Overview

The war in Iran and the effective closure of the Strait of Hormuz - through which around 20% of the world's oil and natural gas flows - has seen fuel costs rise sharply in the past month.

With the disruption expected to have a lasting impact on prices, governments around the world have begun introducing measures to limit the impact on consumers and the economy.

Here is a rundown of what's been introduced so far.

UK

While most of the UK's electricity is generated through natural gas and renewables, petrol prices have reached an 18-month high due to rising global oil prices, according to motoring organisation the RAC.

The government has said it is primed to step in if there are signs petrol sellers are profiteering from the crisis - something the Petrol Retailers Association has denied is the case.

Meanwhile, low-income households that use heating oil will be eligible to access a £53m package announced by the prime minister in March to help with costs.

Australia

In two Australian states, public transport will be made free in order to incentivise people not to drive.

Travel on Victoria's trains, trams and buses will be free from Tuesday and throughout April, while commuters in Tasmania will not need to pay for buses, coaches, and ferries from Monday until the end of June.

Tasmania's transport minister also said that paid-for school buses would be made free, saving those who use them A$20 (£10.40) a week.

The price of petrol has risen sharply in Australia since the conflict in the Middle East began, with the national average at A$2.38 a litre on 22 March, up from around A$2.09 at the start of the war, according to figures from the Australian Institute of Petroleum.

Egypt

Egypt - which relies heavily on imported oil - has introduced a raft of temporary measures aimed at bringing fuel consumption down and keeping public finances in check.

Shops, restaurants, and cafes have been told to close at 21:00 each night for the next month, while street lights and roadside advertising are being dimmed. Hotels and tourist attractions are exempt.

Non-essential workers have been told to work from home one day a week to lower the number of commutes.

The Egyptian government has raised petrol prices and fares on public transport to limit the impact of the conflict on its public finances. It has also slowed down large, energy-intensive state projects and cut government vehicle fuel allowances by nearly a third.

Philippines

The Philippines has declared a national emergency, with its government offering subsidies to transport drivers, reducing ferry services, and implementing a four-day work week for civil servants.

With 98% of its oil imported from the Gulf, the Asian nation has seen the cost of diesel and petrol more than double.

The Filipino government has vowed to stockpile a million more barrels of oil and has not excluded further measures.

Nothing is off the table, President Ferdinand Marcos said. We are looking at everything we can do.

Sri Lanka

Sri Lanka, which has only just emerged from a financial crisis, is another Asian nation that relies heavily on Gulf states for fuel imports.

To conserve fuel, it has declared Wednesdays a public holiday for government institutions such as schools and universities.

It has also introduced fuel rationing, with drivers limited to 15 litres a week and motorcyclists 5 litres.

Thailand

The Thai government has asked people to take their jackets off as part of measures to cut down on the amount of energy consumed by air conditioning units.

People in Thailand have been told to keep air conditioning at 26-27C, while all government agencies have been told to work from home.

Additional Measures Globally

Countries such as Vietnam and Bangladesh have also introduced various strategies to cope with rising oil prices, ranging from encouraging less fuel consumption among citizens to implementing systematic fuel rationing.

As the global economy continues to respond to these dramatic changes, the solutions being rolled out across various nations highlight the interconnectedness of fuel supply chains and local economies.