Fuel crisis plunges Europe and Asia into panic

The intensifying conflicts surrounding Iran and security risks in the Strait of Hormuz continue to threaten energy supply chains worldwide. With fuel prices climbing to historic levels in many countries, gas stations have begun to hit the brakes on sales to avoid the risk of losses.

In Europe, the sudden surge in oil prices has prompted governments to take various measures. Austria, in particular, will place gas stations under financial pressure with a new price cap policy set to take effect in April. Experts warn that current stocks could be depleted within a few days and that stations, especially in rural areas, may halt sales entirely during the Easter holiday period.

Johannes Benigni, CEO of JBC Energy, which operates in the field of energy research, states that gas stations in Austria are struggling due to unprofitable sales. According to Benigni, if current stocks are depleted rapidly, the suspension of fuel sales at many locations could become a reality during the Easter period.

In the Czech Republic, government officials have held meetings with gas station operators to determine a roadmap against a potential fuel shortage. Prime Minister Andrej Babiš emphasized that reviewing profit margins is essential to prevent artificial price hikes. Operators, meanwhile, stated, “We categorically reject the allegations that unfair price increases are being made in this global crisis environment.”

ENERGY EMERGENCY DECLARED IN ASIA

The impact of developments in the Middle East is not limited to Europe. Asian countries, which are heavily dependent on energy imports, have also begun preparations against a supply shock. In the Philippines, a nationwide “energy emergency” has been declared as the sudden rise in oil prices and concerns over supply security put a strain on the economy.

It is noted that the uncertainty observed in global markets could further intensify in the coming days. Experts state that as long as peace is not established in the Middle East, the turmoil in energy markets will continue.

News Source: 12punto