Lagatar24 Desk
The ongoing conflict involving the United States, Israel, and Iran in the Middle East has triggered a global oil crisis, affecting many countries including India. Disruptions in the global energy supply chain have created uncertainty, leading to rising fuel prices and panic buying in several parts of the world.
Pakistan And Bangladesh Facing Severe Fuel Shortages
The situation has become particularly serious in Pakistan and Bangladesh. In Pakistan, petrol prices have increased by about ₹55 per litre. The government led by Prime Minister Shehbaz Sharif has initiated several fuel-saving measures. Reports indicate that schools have been closed for two weeks, government offices are functioning only four days a week, and work-from-home arrangements have been introduced to reduce fuel consumption.
In Bangladesh, authorities have begun rationing fuel supplies. Motorcycles are reportedly allowed only two litres of fuel per day, while cars are limited to 10 litres. Petrol pumps have also started checking purchase receipts to prevent misuse.
Hormuz Strait Disruption Sends Oil Prices Soaring
A key factor behind the global crisis is the disruption of the Strait of Hormuz, one of the world’s most important oil transit routes. Due to the conflict, crude oil prices have surged by nearly 25 percent.
Around 31 percent of the world’s seaborne crude oil and liquefied natural gas (LNG) passes through the Strait of Hormuz. With this route affected, global energy trade has become unstable.
Experts warn that if the conflict continues for a prolonged period, crude oil prices could rise to between $120 and $140 per barrel.
Global Impact Felt Across Europe And Asia
The impact of the crisis is being felt across several regions. European countries such as France and Germany have already witnessed rising fuel prices, with long queues forming at petrol stations due to panic buying.
Vietnam has urged citizens to conserve fuel, while Poland has reported a 14 percent rise in petrol prices. In the United States, gas prices in states like Florida and Louisiana have increased by around 11 cents per gallon.
Governments across the world are now encouraging citizens to adopt electric and hybrid vehicles while urging them to avoid panic buying and conserve energy during the crisis.
