Gate News reports that Philippine President Ferdinand Marcos has declared a national energy emergency to address the risk of fuel supply disruptions. The Philippines relies on imports for about 98% of its oil, mainly from the Gulf region, making it one of Asia’s most vulnerable economies amid the Middle East conflict. The presidential order states that ongoing Middle East conflicts pose an imminent threat to the country’s energy supply availability and stability.
This crisis not only affects the Philippines but also prompts energy-import-dependent countries worldwide to take austerity measures. Bangladesh closed public and private universities in early March and increased aviation fuel prices to reduce energy consumption. Pakistan implemented a four-day workweek and temporarily closed schools and universities for two weeks. Vietnam’s Ministry of Industry and Trade advised businesses to adopt remote work where possible. Indian Prime Minister Narendra Modi warned that the conflict impacts trade routes, with challenges to the supply of gasoline, diesel, natural gas, and fertilizers.
In Europe, Slovenia has become the first EU member to implement fuel rationing. The country limits private vehicle fuel purchases to 50 liters per day, and businesses and farmers to 200 liters daily, to ease energy pressure. Global energy supplies have been severely disrupted by the closure of the Strait of Hormuz; since the conflict erupted on February 28, about 20% of maritime oil transportation has been affected, prompting countries to take emergency measures.
Analysts believe that if the Iran conflict persists, economies dependent on imported oil and natural gas could face greater pressure in the coming weeks. Energy shortages may drive up fuel prices and impact industrial production and transportation. The Philippines’ declaration of a national energy emergency also highlights the fragility of global supply chains and the far-reaching effects of the Middle East situation on the international energy market.
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