Back to today’s briefing

Story perspectives

Global Fuel Prices Soar; Philippines Declares National Emergency

3/31/2026

37 6 Full Breakdown

Center

Fuel Crisis Escalates

Global fuel prices are surging due to the ongoing war in the Middle East, rising 5%–80% across countries.
The Philippines has declared a national emergency as it faces an 80% spike in fuel prices.
India is reducing domestic taxes on fuel to protect consumers.
In the United States, gasoline prices have risen by $1 per gallon, costing consumers $8 billion in one month.

Right

Policymakers Confront Crisis

Policymakers in the Asia-Pacific region face rising inflation and economic strain due to the US-Israeli war with Iran.
The Philippines has declared emergencies as diesel prices have tripled.
South Korea faces a jet-fuel shortage.
The Philippine peso has hit record lows as Asian currencies come under pressure.
Australia has raised interest rates as other nations explore unconventional measures to stabilize their economies.

Left

Jones Scrutinized Amid Diesel Crisis

New Zealand faces a diesel crisis as fuel prices rise, prompting scrutiny of Shane Jones, a New Zealand government minister, for scrapping an emergency diesel reserve plan.
Fuel levels stand at 59.3 days of petrol and 54.5 days of diesel, with experts warning shortages by mid-April.
In China, independent teapot refineries face pressure from rising crude prices and sanctions, affecting China’s energy security amid ongoing geopolitical tensions.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to U.S. support for Israel during the Yom Kippur War. This led to a 400% increase in oil prices, causing economic turmoil in the U.S. and beyond. The crisis reshaped energy policies and highlighted vulnerabilities in global oil dependence, effects still felt today amid rising fuel prices.

1 of 4

Fuel Crisis Escalates

Global fuel prices are surging due to the ongoing war in the Middle East, rising 5%–80% across countries.
The Philippines has declared a national emergency as it faces an 80% spike in fuel prices.
India is reducing domestic taxes on fuel to protect consumers.
In the United States, gasoline prices have risen by $1 per gallon, costing consumers $8 billion in one month.

1 / 4