Australia announced on Monday, it would halve its fuel tax (fuel excise) for three months, in a bid to prevent rising petrol and diesel prices, due to theongoing war in the Middle East.
Anthony Albanese, Prime Minister of Australia, announced the 50% reduction in fuel excise to last until June 30, 2026.
This move is expected to make petrol and diesel cheaper at the pump.
Other countries who have acted on fuel prices, is South Africa.
The government reported that that fuel shipments for March and early April were secured.
This is despite reports of a shortage of diesel, due to high demand and panic buying.
Sri Lanka declared Wednesdays a public holiday, in order to conserve fuel.
Pakistan has resorted to fuel rationing to curb price increases.
Similarly, the country also announced a four-day workweek.
Strict rationing was also implemented in Myanmar, due to severe shortages.
Other countries reporting shortages at the pump, are the United Kingdom as well as Zimbabwe.
The government in Zimbabwe increased the ethanol content in petrol (up to 20%) to manage import pressures.
The price of crude oil per barrel is trading at $115 per barrel.