finance
South Korea Mandates Weekly Driving Ban for Government Workers Amid Middle East Fuel Disruptions
South Korea has implemented measures to conserve fuel, including driving restrictions for government employees and calls for reduced energy use among residents, as oil imports from the Gulf region falter. European nations face jet fuel shortages due to the Strait of Hormuz closure. Nigerian airlines have paused plans for a nationwide shutdown amid similar energy pressures.
Apr 21, 6:51 AM·1m read2 sources
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Korea Implements Fuel Conservation Measures South Korean
Government employees have been directed to stop driving one weekday out of five as petrol reserves dry up and fuel prices at the pump surge. The government has set aside 26 trillion South Korean won, nearly $17 billion, to purchase fuel as soon as the Strait of Hormuz opens up.
Residents have been urged to slow down energy consumption by charging electric vehicles and phones during the day, reducing shower times, using vacuum cleaners and washing machines only on weekends, and cycling more. South Korea relies on imports for over 90% of its energy needs, with 70% of its crude oil shipments arriving from the Gulf region.
The country's oil reserves risk running out as the situation in the Middle East worsens due to the Iran war. South Korea is halting exports of jet fuel to prioritize domestic airlines and plans to increase nuclear energy outputs.
Countries have been grappling with shortages of jet fuel as the Strait of Hormuz remains shut. The shutdown of refineries in the region stems from emissions-related rules and declining demand. com reported on Europe's jet fuel shortages on Sunday.
Airlines paused a plan to shut down operations countrywide. Airlines have been among the businesses hardest hit by the impact of the Iran war. Semafor reported the pause in shutdown plans.
The Telegraph reported on South Korea's fuel shortages on Monday. Benzinga cited The Telegraph in noting that South Korea remains one of the regions most severely affected by the fuel shortages. The Iran war has disrupted multiple sectors, with aviation and energy industries among the hardest hit as regional tensions escalate.
