Daily Brief: Malaysia Gasoline Surges 97.8% Amid Iran War Fallout

Malaysia saw the most dramatic fuel price spike globally, with gasoline surging 97.8% to $1.004 per liter over the past seven days, according to Nexignis data. The increase comes as the Iran war pushes crude oil past $100 per barrel, per South China Morning Post reports. In response, the Malaysian government has vowed to hold petrol prices and is directing [news reports indicate] to save on energy costs, as reported by Reuters.

Sri Lanka also experienced severe price hikes, with gasoline rising 36.0% to $2.327 per liter and diesel climbing 34.9% to $2.090 per liter. The World Economic Forum notes that countries across Asia are implementing emergency measures, including fuel rations and free buses, as the energy shock spreads. The New York Times reports that scarcity forces hitting Asia may soon spread globally.

Looking ahead, Malaysia is exploring tapping idle biodiesel capacity to cushion price shocks, according to S&P Global. The Council on Foreign Relations highlights that [news reports indicate] chaos across Asia, suggesting further volatility in regional fuel markets as supply disruptions persist.