Strait of Hormuz Crisis Hits Asia Hard as Fuel Rationing Spreads and Renewables Gain
Asian governments expanded emergency measures Monday as Strait of Hormuz disruption kept fuel and transport costs high. India cut fuel taxes and rationed gas, while Pakistan, Bangladesh, and Sri Lanka imposed new restrictions to conserve supplies. U.S. fuel exports to Asia more than doubled in March, with WTI crude spot premiums jumping to $30–$40 a barrel above benchmarks. China increased LNG re-exports as domestic demand stayed weak.