Gas station supply disruptions, public panic buying, and flight cuts! The global energy crisis intensifies, prompting multiple countries to activate emergency measures.

The global energy shockwave triggered by the Iran war is spreading outward at an unprecedented pace—from Asia-Pacific to Africa and then to Europe—manifesting in gas station shortages, long queues of citizens rushing to buy fuel, and widespread airline cancellations. Governments across numerous countries have been forced to roll out emergency intervention measures in rapid succession over just a few days, launching a full-scale global博弈 (game) between demand destruction and policy response. In the latest developments, Australian Prime Minister Anthony Albanese announced a temporary 50% cut in fuel excise tax for three months to counter soaring gasoline prices—the highest in 20 years; Indian Finance Minister Nirmala Sitharaman imposed heavy export duties on diesel and aviation fuel while simultaneously lowering domestic retail fuel taxes; Vietnam’s major airlines announced substantial capacity reductions starting in April; Poland plans to cut fuel taxes and impose price caps; and the Czech government is considering regulating retail profit margins at gas stations. The pressure on energy markets has directly spilled over into the transportation sector. According to Bloomberg, European aviation fuel prices have surged 114% since the outbreak of the war, while Singapore’s aviation fuel prices have risen approximately 140%. UBS warns that aviation fuel shortages in Asia are triggering further flight cancellations, with Vietnam Airlines and Air New Zealand already announcing reductions in certain services. Data compiled earlier by Goldman Sachs shows Asia as the region most severely affected by demand destruction in this round; meanwhile, J.P. Morgan’s commodities team’s transmission-path analysis indicates the shockwave originated in Asia, then sequentially impacted Africa, Europe, and finally reached the United States. Energy consultancy Wood Mackenzie warns that if Brent crude oil averages $100 per barrel over the next four months, India’s fiscal impact would amount to 0.7% of its GDP; Vietnam’s dedicated subsidy fund is expected to be depleted by early April, Thailand’s similar fund has already fallen into deficit, and some Asian governments may soon hit their fiscal limits. Asia: Panic buying spreads; gas stations run dry across the board Australia is one of the most closely watched economies amid this crisis. According to reports, in New South Wales, one in every seven fuel retailers has experienced at least one type of fuel shortage; in Cairns, Queensland, an independent gas station has completely run out of unleaded gasoline, while diesel prices there have surged 85% compared to pre-war levels. In Sydney, diesel briefly spiked to A$3.145 per liter—a record high—and hundreds of gas stations nationwide reported at least one fuel shortage this week. Peter Khoury, spokesperson for the National Roads and Motorists’ Association (NRMA), stated that these shortages stem primarily from public hoarding behavior—not overall supply reduction: “People are filling up jerry cans and storing gasoline in their garages,” he said, adding that freight companies are instructing drivers to “refuel immediately—even with only half a tank—as soon as they spot diesel.” Prime Minister Albanese’s tax-cut plan is projected to reduce fuel prices by roughly 26 Australian cents (about US$0.18) per liter; Treasury Minister Jim Chalmers estimates the total cost of related measures at approximately A$2.55 billion, which would lower CPI by about 0.5 percentage points. Vietnam’s situation is equally severe. According to Bloomberg, Vietnam Airlines will suspend seven domestic routes starting April 1 and plans to cut monthly capacity by 10–20% in the coming quarter—domestic flight cancellations could reach as high as 26%, and international cancellations up to 18%; low-cost carrier VietJet Air plans an 18% overall capacity reduction in April; Bamboo Airways will slash daily flights to 15–17.

Czech Republic proposes a 60% tax on excess energy profits.

According to media reports, the Czech Ministry of Finance proposed on Thursday a windfall tax of up to 60% on excess profits earned by the country’s energy sector. Czech Finance Minister Zbynek Stanjura announced the proposal at a press conference on Thursday, stating that the proposed tax would apply to excess profits generated by the energy sector between 2023 and 2025, generating US$3.4 billion in revenue next year and US$6 billion over the three-year period. The proposal requires parliamentary approval before it can take effect. Companies affected include electricity and natural gas producers, distributors and traders, petrochemical firms, fuel wholesale traders, and fossil fuel extractors. The threshold at which profits become “excess” will be determined as the average profit over the previous four years plus 20%. These years notably include the pandemic years. This windfall tax proposal is not the first of its kind, as countries seek to offset massive budget deficits and runaway inflation, and to make the current energy environment more sustainable for both industry and citizens. In September, the European Commission proposed a bloc-wide 33% windfall tax on fossil fuel companies’ profits exceeding 20% of their average profits over the past three years.

Czech Government Reinstates Fuel Margin Caps, Plans Windfall Tax on Refineries

11 hours ago

The Czech government will reintroduce fuel margin caps and cut diesel taxes amid Middle East tensions, while proposing a 50% windfall tax on refinery margins for 2026-2027 targeting operator Orlen.

reuters

2026-09-21

Czech Government Reinstates Fuel Margin Caps, Plans Windfall Tax on Refineries

Czech Government Reinstates Fuel Margin Caps, Plans Windfall Tax on Refineries

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