Major Asia-Pacific countries on potential Hormuz blockade: “No need to rush to the gas station—stockpiles are sufficient”

Australia has more than 30 days’ supply…Thailand and the Philippines 60 days

Asia-Pacific nations stress they have sufficient oil inventories

As concerns grow that Iran’s blockade of the Strait of Hormuz could be prolonged by the war, Southeast Asian countries such as Thailand and the Philippines, along with Australia—nations dependent on imported oil—are emphasizing that they have ample oil stockpiles.

According to Reuters on the 4th (local time), Australian Minister for Climate Change and Energy Chris Bowen said the previous day that Australia has stockpiled 36 days’ worth of gasoline, 34 days of diesel and 32 days of jet fuel—its highest level in a decade. Responding to reports of long lines of people trying to buy fuel at gas stations nationwide, Bowen said there is “no need to rush to the gas station to fill up.”

He added, “I understand people’s concerns, but I want people to know Australia has sufficient gasoline stockpiles,” stressing that “there is no immediate threat to Australia’s gasoline supply.” Bowen noted that a surge in crude prices could put upward pressure on gasoline prices, but regulators would act against price gouging.

Treasurer Jim Chalmers also said on social media that he had sent a letter to consumer authorities asking them to ensure fuel retailers “do not exploit the Middle East situation to gouge Australian consumers.” Australia is a major global producer and exporter of liquefied natural gas (LNG) but relies on imports for most of its oil.

Thailand’s government also said its oil reserves—equivalent to 60 days—are sufficient, and that the direct impact of the war on the economy is likely to be limited, Finance Minister Ekniṭi Nithithanpraphat said. The minister also assessed the baht’s depreciation due to the war as a “positive development.”

The baht had risen about 9% against the U.S. dollar last year, weighing on the competitiveness of Thailand’s export industry and tourism sector, pillars of the economy. Commerce Minister Supat Sutumpun said the government would monitor domestic prices and secure supply chains for imported raw materials to mitigate the war’s impact.

Earlier, on the 1st, Thailand halted exports of petroleum products by domestic refiners and others following Iran’s announcement of a Strait of Hormuz blockade. In the Philippines, President Ferdinand Marcos also stepped forward the previous day to stress that the country’s oil inventories—equivalent to 50–60 days—are sufficient.

“At this press conference, I want to reassure everyone: we have sufficient oil stockpiled,” Marcos said. However, he said he would discuss with congressional leaders a measure to grant the president emergency authority to temporarily suspend excise taxes on petroleum products if international oil prices exceed $80 per barrel. The government is also reviewing tailored fuel subsidy payments for the transport and agriculture sectors.

Meanwhile, Marcos said he is in contact with the United States and Israel to ensure the safety of roughly 2.4 million Filipino migrant workers in the Middle East. So far, a total of 1,416 Filipinos in Israel, Iran, the United Arab Emirates (UAE), Bahrain and Jordan have requested repatriation, but airport closures and other disruptions are making returns difficult.

“Air travel is considered dangerous,” Marcos added, saying he would “find a way for them to return home safely.”

Park Subin, Hankyung.com reporter waterbean@hankyung.com