Fuel prices have increased in 95 countries following rising tensions and conflict involving Iran, the United States, and Israel. Due to this situation, global oil supply concerns have pushed prices higher. In the United States, the price of petrol rose from $2.94 per gallon (3.8 liters) to $3.58, marking a 20% increase. In several states, petrol prices have crossed $4 per gallon, while in California, prices have gone beyond $5 per gallon, the highest rise seen in the past two years. Many countries revise fuel prices only at the end of the month, so further increases are expected soon. Some countries have already seen sharp hikes, including Cambodia (68%), Vietnam (50%), Nigeria (35%), Laos (33%), and Canada (29%). Asian countries that depend heavily on fuel imports through the Strait of Hormuz are facing serious challenges. For example, Japan imports about 95% of its fuel, and South Korea imports around 70%, leading them to take emergency measures. South Korea has set maximum fuel prices for the first time in 30 years. The impact is even worse in South Asian countries like Pakistan and Bangladesh, where fuel storage is limited. Bangladesh has ordered the closure of universities, while in Pakistan, government offices are operating only four days a week, and schools have been shut. To save fuel, many countries are encouraging work from home for 50% of employees. Meanwhile, G7 finance ministers held an emergency meeting in Europe to discuss the crisis, and France has suggested releasing 20–30% of emergency fuel reserves. Rising fuel prices have also led to an increase in transport costs and essential food prices worldwide, affecting daily life across the globe.
