▲Sri Lanka announces a three-day workweek to cope with the oil crisis.
The conflict in Iran has entered its third week, with Tehran effectively blocking the Strait of Hormuz, leading to a surge in global oil prices. Asian countries are facing a severe energy crisis, prompting many governments to implement emergency measures to stabilize their economies under rising oil price pressure.
According to a report by Reuters, South Korean President Yoon Suk-yeol urgently called for nationwide participation in energy-saving campaigns on the 24th. Government agencies have begun reducing the frequency of vehicle use, and Yoon has urged Congress to quickly pass a supplementary budget to assist those affected by rising prices.
According to CNN, Japanese Prime Minister Fumio Kishida announced on the same day that the country would begin using its strategic petroleum reserve starting March 26, and would release oil from a joint reserve held with producing countries before the end of March. She revealed on social media that Japan had already begun releasing oil stock held by private companies on March 16.
New Zealand also announced a cash assistance program on the 24th, set to begin on April 7, which will provide NZD 50 weekly to about 143,000 low and middle-income working families. Authorities acknowledged that the conflict in Iran has caused oil prices to rise, placing a heavy burden on family budgets. The assistance is expected to last for one year, or until petrol prices fall below NZD 3 per liter for four consecutive weeks.
Sri Lanka has announced a three-day workweek plan, declaring Wednesdays as public holidays for all government agencies, including schools, universities, and judicial institutions, with only essential services like hospitals and customs remaining operational. This “three-day workweek” policy aims to “actively manage energy resources while maintaining national services operation.”