OIL prices have soared and share markets have skidded on fears that the squeeze on energy supplies resulting from the US-Israeli war on Iran will stoke inflation and crimp economic growth. INDONESIA PLANS FUEL SUBSIDY INCREASEIndonesia plans to increase the amount it has allocated for fuel subsidies in its state budget to keep prices in check. SRI LANKA IMPOSES FUEL RATIONINGSri Lanka introduced fuel rationing on Sunday to extend the life of its supplies. Wedged between India and China, Nepal is fully dependent on imports for fuel supplies, including cooking gas, which NOC began rationing last week. Thailand plans to freeze cooking gas prices until May and use subsidies to promote the use of biodiesel and benzene.

Source: The Star March 17, 2026 01:29 UTC