How countries have responded to sharp rise in crude oil price

Date:

2 min readNew DelhiUpdated: Mar 9, 2026 02:16 PM IST

Global markets tumbled on Monday with a steep surge in oil prices to their highest levels since 2022, triggering a broad sell-off in equities across Asia.

In India, Sensex and Nifty crashed over 3 per cent on Monday as war in Middle East caused crude oil prices to shoot up 30% early Monday to nearly $120 per barrel. The 30-share BSE Sensex crashed 2,494.35 points or 3.16 per cent to reach 76,424.55 while the 50-share NSE Nifty dropped 752.65 points or 3.07 per cent to 23,697.80. Facing the heat, several countries resorted to damage control measures.

 Here’s how various countries responded to the boiling oil prices

Phillippines

In Phillippines, private firms have been asked to try a four-day work week. Francis Escudero backed the decision after Ferdinand R Marcos Jr. started it for government offices on Monday. The move aims at fewer commutes, lower costs and less traffic, resulting in lesser fuel consumption.

Bangladesh

Bangladesh, meanwhile has shuts its universities and starting rationing of fuel amid a widening energy crisis due to the Middle ⁠East conflict. Authorities closed all the public and private universities across the country from Monday, bringing forward the holidays for Eid ⁠al-Fitr as part ⁠of emergency measures in order to conserve electricity and fuel.

 

 

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