Ghanaians are mounting pressure on the government to reduce levies on fuel as prices continue to soar at the pumps, largely due to ongoing tensions in the Middle East.
Fuel prices had dropped significantly prior to the US–Israel conflict involving Iran, supported by the relative stability of the local currency, even as the international benchmark, Brent crude, hovered around $70 per barrel.
However, the conflict has since driven up the prices of both crude oil and refined petroleum products, leading to higher pump prices across many economies, including Ghana.
Earlier this week, fuel prices surged, with petrol selling for more than GH¢13 per litre and diesel exceeding GH¢17 per litre.
The situation has triggered calls from various groups and individuals for the removal of some fuel taxes to provide relief to motorists.
The Ghana Private Road Transport Union (GPRTU) recently issued a 48-hour ultimatum to the government to reduce taxes on petroleum products or risk a nationwide increase in transport fares.
Samuel Amoah, the Deputy Public Relations Officer of the GPRTU, explained that the union is facing rising operational costs due to increasing fuel prices and other financial pressures. He emphasized that if the government fails to act within the stipulated timeframe, transport operators will have no choice but to increase fares to sustain their businesses.
Similarly, the Association of Ghana Industries (AGI) has called for the immediate cancellation of the recently introduced GH¢1 fuel levy, citing its growing impact on operational costs amid recent fuel price hikes linked to global tensions.
The President of AGI, Mr. Kofi Nsiah-Poku, alongside former President Dr. Humphrey Ayim-Darke, warned that businesses may be forced to pass on the increased costs to consumers if the levy remains in place.
“It is important at this point that we start discussing the removal of the GH¢1 levy to reduce our operational costs. Previously, we could absorb the cost due to the appreciation of the cedi, but if no action is taken now, we will have to reassess our operational costs and begin increasing prices—something we would prefer to avoid,” Mr. Nsiah-Poku stated during a meeting with the Minority Group in Parliament.
Former Finance Minister and former Deputy Minister for Energy, Dr. Mohammed Amin Adam, has also argued that reducing taxes on petroleum products will not adversely affect Ghana’s 2026 budget.
In a Facebook post on April 2, Dr. Amin Adam stated that the current global oil price dynamics provide sufficient fiscal space for tax relief.
“Reducing petroleum taxes will not affect the 2026 Budget,” he said.
According to him, the government is already benefiting from higher-than-projected crude oil prices amid the ongoing Middle East tensions.
“What the government has not told Ghanaians is that it has been gaining from the increase in international crude oil prices since the US–Israel–Iran tensions began,” he added.
Dr. Amin Adam explained that the 2026 Budget projected a benchmark crude oil price of $76.22 per barrel, based on an estimated output of 37.95 million barrels.
However, actual prices have exceeded $100 per barrel for most of March 2026.
“At these prices, the government is generating additional windfall revenue of more than GH¢8 billion this year,” he noted.
He argued that any revenue shortfall resulting from a reduction in petroleum taxes could be offset by surplus earnings from crude oil exports.
“The calls for the government to intervene by reducing levies are therefore justified. Any revenue shortfalls will be recovered from the additional revenue generated,” he said.
Dr. Amin Adam urged the government to act swiftly to cushion consumers against rising fuel costs.
“Government must act now,” he stressed.
Meanwhile, an economist at the University of Ghana, Prof. Godfred Bokpin, has supported calls for the government to reduce taxes on petroleum products, stating that such a move would help cushion consumers amid rising fuel costs.
He noted that the current tax burden on fuel limits the benefits Ghanaians should enjoy from the recent strengthening of the cedi.
“Yes, I agree with calls for the government to review prices on petroleum products. I believe that within government circles, there may be alignment on this issue. In the absence of geopolitical tensions in the Middle East, we know that the price build-up of fuel—particularly the level of taxes—compounds inefficiencies and prevents consumers from fully benefiting from the currency’s gains,” he explained.
Prof. Bokpin added that although he initially supported the introduction of the one-cedi fuel levy last year due to exchange rate pressures at the time, current economic conditions justify a reassessment.
“Reducing or removing some of these levies could cushion consumers against external shocks and help stabilise transport and commodity prices,” he said.
Meanwhile, Government Spokesperson Felix Kwakye Ofosu has indicated that the government may review fuel taxes and levies if rising global oil prices begin to place excessive pressure on consumers.
He stressed that any potential review would not be automatic but would depend on how geopolitical developments evolve and the extent to which they impact global oil prices.
Three top Kenyan government officials in the energy sector have been arrested and are currently in custody at the Directorate of Criminal Investigations (DCI) over their alleged involvement in the importation of substandard fuel into the country.
A report by Citizen TV identified the officials as Petroleum Principal Secretary Liban Mohamed, Kenya Pipeline Company Managing Director Joe Sang, and Energy and Petroleum Regulatory Authority (EPRA) Director General Daniel Kiptoo Bargoria.
According to the report, a fourth suspect linked to the case has also been detained, although their identity has not yet been disclosed.
The suspects spent Thursday night in custody and are currently being held at DCI headquarters following their arrest by detectives from the DCI’s Operations Support Unit.
DCI Director Mohamed Amin stated that investigations are ongoing, with officers pursuing other individuals suspected to be involved in the scheme.
Attempts by this portal to reach Mr. Daniel Kiptoo by phone were unsuccessful.
Kuwait says its power and desalination plant was hit by an Iranian missile on Friday, as Gulf countries continue to face retaliatory strikes on the 35th day of the United States and Israel’s war on Iran.
Kuwaiti authorities said the plant was struck before midday local time on Friday. The extent of the damage is not yet known.
The attack came hours after the Mina al-Ahmadi oil refinery was targeted in early morning drone strikes.
State news agency Kuwait News Agency said the attack caused fires in a “number of operational units,” and that no employees were injured.
Emergency and firefighting teams were dispatched, with environmental experts monitoring air quality.
This is the third time the refinery had been hit and that people across the country were on “high alert.”
“It’s one of the biggest refineries in the Middle East and is also critical for local consumption,” he said.
Kuwait is among the closest countries to Iran—just 80 kilometres separate Kuwait from Iran’s coastline—making it particularly vulnerable to such attacks.
In an early post on X, KUNA warned that “hostile missile and drone attacks” on Kuwait were under way. Sirens sounded amid midair explosions as interceptions of Iranian missiles were heard across the country, the agency reported.
Kuwait and much of the Gulf are highly dependent on desalinated water. An Indian national was killed on March 30 after a Kuwaiti power and desalination plant was hit. Iran denied launching the attacks and instead blamed Israel.
Data centres targeted
Elsewhere, the United Arab Emirates’ defence ministry said the country was battling a new wave of suspected Iranian missile and drone attacks.
Debris from an intercepted projectile caused a fire at the Habshan gas facility, a major Emirati gas processing complex. The Abu Dhabi Media Office said operations had been suspended while authorities responded.
UAE air defences intercepted 19 ballistic missiles and 26 drones on Thursday alone, the defence ministry said—just a fraction of the hundreds of missiles and thousands of drones Iran has allegedly launched at the country since the war began.
At least two service members have been killed and 191 people of different nationalities injured, UAE authorities said.
Saudi Arabia said it destroyed a drone in its airspace overnight, while Bahrain sounded missile alarms three times, according to Anadolu Agency.
Iranian leaders also appear to be following through on earlier warnings to target major US technology firms in the Gulf as attacks on Iran continue.
Iran’s state-run Islamic Republic News Agency reported on Friday that Tehran had targeted an Oracle data centre in Dubai in retaliation for US-Israeli strikes that injured former Foreign Minister Kamal Kharazi and killed his wife on April 1.
However, the Dubai Media Office dismissed the report as “fake news.”
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The United Kingdom has gathered foreign ministers from 40 countries to discuss options to reopen the Strait of Hormuz, a vital shipping route that has been choked off by the United States and Israel’s war against Iran.
UK Foreign Secretary Yvette Cooper said Iran’s “recklessness” in blockading the waterway was “hitting our global economic security” as she chaired the virtual meeting on Thursday.
“We have seen Iran hijack an international shipping route to hold the global economy hostage,” Cooper said in opening remarks broadcast to the media before the rest of the meeting took place behind closed doors.
Iran’s retaliatory attacks on commercial ships, and the threat of more, have halted nearly all traffic in the strait that connects the Gulf to the rest of the globe’s oceans, shutting a critical path for the world’s flow of oil and sending petroleum prices soaring.
The US is not among the countries attending the meeting, which comes after US President Donald Trump stated that securing the waterway is not his country’s job.
Trump has also disparaged the US’s European allies for failing to support the war and renewed his threats to pull the US out of NATO.
The countries participating in Thursday’s summit, including the UK, France, Germany, Italy, Canada, Japan, and the United Arab Emirates, have signed a statement demanding that Iran stop its attempts to block the strait and pledging to “contribute to appropriate efforts to ensure safe passage” through the waterway.
The meeting is considered a first step, to be followed by “working-level meetings” of officials to hammer out details.
No country appears willing to try and open the strait by force while fighting rages, and Iran can target vessels with antiship missiles, drones, attack craft and mines.
According to Challands, the British prime minister has been “very explicit” about nonmilitary solutions.
“Keir Starmer has no interest in getting involved in this war. Most of the countries gathered [have] no interest in getting involved in the war,” he said.
Following the meeting, Challands said that British military planners from the British Ministry of Defence will meet next week “with many of the same players that have gathered here today” to discuss how to ensure security for shipping after the war has ended.
Starmer said Wednesday that resuming shipping “will not be easy,” and will require “a united front of military strength and diplomatic activity” alongside partnership with the maritime industry.
The coalition is, in part, an attempt to demonstrate to the Trump administration that Europe is stepping up to do more for its own security, especially as the US president threatens to leave NATO.
French President Emmanuel Macron said on Thursday that it is not feasible to launch a military operation to force open the strait.
“This was never the option we have supported because it is unrealistic,” he said.
“It would take forever,” Macron said, and expose those crossing the strait to “coastal threats”, particularly from Iran’s Islamic Revolutionary Guard Corps, which has “significant resources as well as ballistic missiles”.
Macron has suggested the best way to ensure the strait’s opening is by talking directly to Iran.
There have been 23 direct attacks on commercial vessels in the Gulf since joint US-Israeli strikes on Iran ignited the war on February 28, and 11 crew members have been killed, according to Lloyd’s List Intelligence, a shipping data firm.
Iran has said that “non-hostile” ships may transit the Strait of Hormuz and the waterway is only closed to vessels of enemy countries and their allies.
Kenya has announced plans to commence construction of its first nuclear power plant in 2027, with an initial capacity of 2,000 MW, expected to be operational by 2034.
President William Samoei Ruto made the announcement last Wednesday during the 2026 International Conference on Nuclear Energy, stating that the plant will be sited in Siaya County.
Nearly 90% of Kenya’s electricity is generated from renewable sources, making it a green energy leader in Africa. Geothermal accounts for approximately 40–46%, while hydropower contributes about 20–24%.
Ruto said Kenya has taken a strategic decision to significantly expand the country’s generation capacity, stating that, “From our current installed capacity of 3,300 megawatts, we are committed to scaling up to at least 10,000 MW in the next five to seven years, 3,000 MW of which will be generated from nuclear energy.”
William Ruto dismissed the perception that nuclear energy poses a significant danger to human well-being, stating that “this perception, while understandable, is not supported by evidence.”
He mounted a strong defense of nuclear energy as one of the safest and most reliable sources of power, used for decades by the world’s most advanced economies to drive their development.
He noted that France, for example, has relied on nuclear energy since the 1970s, generating up to 70% of its electricity from this source.
Similarly, the United States has operated nuclear power plants for over 60 years, with nuclear energy contributing approximately 18–20% of its electricity mix.
In South Africa, the Koeberg Nuclear Power Station has been in operation since the 1980s, with an installed capacity of about 1,860 MW.
“No country has ever achieved its development ambitions without adequate and reliable energy,” Ruto said.
He further highlighted that, during the peak construction phase, the nuclear project will generate between 5,000 and 12,000 jobs, ranging from manual labor to highly specialized engineering roles. Once operational, it will provide hundreds of permanent, well-paying technical positions.
Ruto urged the World Bank and other multilateral development banks to re-examine the financing architecture for nuclear power projects.
He added that Kenya will enact comprehensive legislation and adhere to the highest global standards of nuclear safety, security, and safeguards, while building a regulatory framework that inspires both domestic confidence and international partnership.
Asharami Ghana, a subsidiary of Nigeria-based Sahara Group, says its aggressive investments in liquefied petroleum gas (LPG) infrastructure are aimed at strengthening Ghana’s position as a regional gateway for clean fuel distribution across West Africa.
According to the company, the recent deployment of the MT Asharami Ghana gas vessel improves the country’s capacity to support onward LPG supply to landlocked neighbours such as Burkina Faso, Mali, and Niger, which rely on coastal logistics corridors for access to clean fuels.
“By improving shipping reliability and storage depth, Ghana can support cleaner energy access beyond its borders. With our sustained investments in the sector, we are enabling more reliable supply beyond Ghana’s borders and supporting intra-African energy trade,” said Yaa Serwaa Alifo, Managing Director of Asharami Ghana.
Ms Alifo stressed that Asharami Ghana is building integrated LPG infrastructure that combines shipping, storage, and downstream coordination to strengthen reliability and support clean energy access.
She also disclosed that the development of a 12,000-metric-tonne LPG terminal in Tema—with a 6,000-metric-tonne first phase planned for commissioning later this year—will further strengthen Ghana’s ability to act as a logistics anchor for the region.
“This integrated capacity reduces supply volatility in inland markets and supports the expansion of clean cooking adoption across West Africa,” she added.
The company linked the regional impact to the objectives of the African Continental Free Trade Area (AfCFTA), describing LPG infrastructure as a practical enabler of deeper intra-African trade and energy system integration.
Beyond infrastructure, Asharami Ghana highlighted its focus on capacity building and skills transfer across vessel operations, terminal management, safety systems, and downstream coordination, embedding global best practices within Ghana’s energy sector. The company also confirmed plans to hire Ghanaians as part of vessel and terminal operations.
“Our broader ambition is to build resilient regional LPG ecosystems that support clean cooking, industrialisation, and inclusive growth,” Alifo said.
The Water and Electricity Company of Guinea-Bissau (EAGB), the country’s national utility, has concluded a three-day benchmarking mission to The Gambia.
The delegation began its engagement with officials of the National Water and Electricity Company of The Gambia (NAWEC), discussing opportunities for collaboration, sharing experiences, and learning from neighbouring utilities to accelerate growth.
In brief remarks, the Managing Director of NAWEC, Mr. Gallo Saidy, stated that collaboration within the sub-region remains a vital pillar for progress, noting: “Our collective success depends on how well we learn from, support, and inspire one another. Strengthening regional partnerships is key to building resilient and sustainable energy systems.”
The EAGB delegation expressed appreciation for the warm reception and reaffirmed their enthusiasm for the visit.
They noted that The Gambia’s advancements in the energy sector provide a meaningful benchmark for their own operations, describing the mission as an opportunity to observe best practices and strengthen technical collaboration.
Both utilities reiterated their commitment to enhancing cooperation and advancing shared goals for sustainable energy development within the region.
During the visit, the delegation, accompanied by the Guinea-Bissau Ambassador to The Gambia, and NAWEC officials, paid a courtesy call on the Minister of Petroleum, Energy and Mines, Nani Juwara.
During the engagement, Minister Juwara highlighted the significant progress achieved by NAWEC in recent years, particularly in metering, commercialisation, network expansion, and the adoption of modern metering technologies.
He further noted that The Gambia now stands at approximately 90% national electricity coverage and commended EAGB for selecting the country as a model for knowledge exchange and collaboration.
Hon. Nani Juwara
The Minister also underscored the longstanding cordial relationship between The Gambia and Guinea-Bissau, stating that such engagements strengthen regional ties and open opportunities for future cooperation.
The EAGB delegation outlined its key objectives, emphasising interest in understanding how NAWEC addresses network challenges, resolves commercial bottlenecks, and manages production and distribution systems in areas where both utilities share similar infrastructure realities.
They expressed appreciation for the warm hospitality and the opportunity to gain first-hand insights through discussions and site visits.
During the course of the visit, the EAGB delegation held several meetings with NAWEC technical teams and toured key operational sites.
The mission is expected to deepen cooperation between the two utilities and further strengthen the partnership between the two countries.
Britain will, on Thursday, April 2, hold a virtual meeting with leaders from about 35 countries to discuss reopening the strategic Strait of Hormuz, which has been disrupted by the conflict in the Middle East, AFP reported, citing Prime Minister Keir Starmer.
According to Starmer, UK Foreign Secretary Yvette Cooper will host the discussions.
The meeting will “assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers, and resume the movement of vital commodities,” he said.
“Following that meeting, we will also convene our military planners to look at how we can marshal our capabilities and make the strait accessible and safe after the fighting has stopped,” he added.
The discussions will include countries that recently signed a statement expressing readiness “to contribute to appropriate efforts to ensure safe passage through the Strait of Hormuz,” Starmer said.
Britain, France, Germany, Italy, Japan, and the Netherlands are among the signatories.
Iran has effectively closed the vital strait following the US-Israeli strikes that triggered the war on February 28, causing global oil and gas prices to surge.
Around one-fifth of the world’s oil and liquefied natural gas passes through the strait during peacetime.
“I do have to level with people on this. This (reopening) will not be easy,” Starmer said.
The UK leader also expressed support for NATO following renewed criticism of the eight-decade-old alliance by US President Donald Trump.
“NATO is the single most effective military alliance the world has ever seen, and it has kept us safe for many decades. We are fully committed to NATO,” Starmer said.
Trump told Britain’s Telegraph newspaper in an article published Wednesday that NATO was a “paper tiger.”
Asked whether he would reconsider US membership, he replied: “Oh yes, I would say it’s beyond reconsideration,” the paper reported.
Last month, Trump told the Financial Times that it would be “very bad for the future of NATO” if members fail to help reopen the vital waterway.
On Tuesday, he said that countries not involved in the war but struggling with fuel shortages should “go get your own oil” in the Strait of Hormuz, adding that the US would not assist them.
Malawi has announced significant increases in fuel prices, effective Wednesday, April 1, 2026.
Petrol has risen to K6, 672 per litre, up from K4, 965—an increase of 34%—while diesel has increased to K6, 687 per litre from K4, 945, representing a 35% rise.
The price of industrial kerosene has increased from K3, 200 to K5,824 per litre, marking an 82% rise. Jet A-1 fuel at Lilongwe and Bakili Muluzi airports is now priced at K7, 998 and K4, 523 per litre, respectively.
Speaking at a press conference on Wednesday, April 1, Acting Chief Executive Officer of Malawi Energy Regulatory Authority (MERA), Mr. Dad Chinthambi said the adjustments follow a thorough review under the Automatic Pricing Mechanism and are temporary, subject to further revisions depending on global market trends.
Chinthambi explained that the ongoing conflict in the Middle East and the closure of key supply routes, including the Hormuz corridor, have disrupted international petroleum markets, leading to higher landed costs for Malawi.
“The increase comes after a diligent assessment of international market movements. Disruptions in major oil transit routes have pushed up global prices, which directly affect local fuel costs,” he said during the live briefing.
He added that the adjustments were made under the Automatic Pricing Mechanism, which ensures that price changes reflect actual international cost movements while safeguarding supply stability in Malawi.
The National Petroleum Authority (NPA), Ghana’s downstream petroleum regulator, and the 24-Hour Economy Authority have signed a Memorandum of Understanding (MoU) to coordinate the expansion of round-the-clock operations across Ghana’s downstream petroleum sector.
The agreement, signed on Tuesday, establishes a framework for operational readiness standards, security coordination, and institutional collaboration to support the country’s economic transformation programme.
Under the MoU, the NPA will develop and enforce 24-hour operational readiness standards covering lighting, security, staffing protocols, digital fuel monitoring, and fire safety across fuel stations, refineries, bulk storage depots, and bulk road vehicle operations.
The 24-Hour Economy Authority will coordinate the enabling environment, including security agency deployment and cross-government support for certified operators.
The partnership is designed to ensure that the downstream petroleum sector keeps pace with the broader 24-Hour Economy programme, which is focused on developing agro-processing capacity, expanding manufacturing, and building logistics corridors across the country.
Reliable, round-the-clock fuel supply is a critical enabler for each of these pillars.
Implementation will begin with a nationwide pilot covering approximately ten percent of the downstream sector, with security deployment as the immediate priority.
The NPA has already constituted a Steering Committee and technical subcommittees to prepare the sector for the transition.
The partnership brings together key players across the petroleum and security value chain, including the Chamber of Oil Marketing Companies (COMAC), the Chamber of Bulk Oil Distributors (CBOD), BOST Energies, the Ghana National Tanker Drivers Union (GNTDU), the Tanker Owners Union (TOU), refineries, the Ghana Police Service, the National Security Secretariat, the Ghana Ports and Harbours Authority, Ghana Petroleum Mooring Systems (GPMS), the Ghana Revenue Authority (GRA), and private sector investors.
Commenting, Mr Augustus Goosie Tanoh, Presidential Adviser on the 24-Hour Economy and Accelerated Export Development, said:“The programme is not only asking operators to stay open longer. We are building the enterprises and industrial capacity that will create growing demand for these services. To the factory owner in Tema, the trader in Tamale, and the transport operator on the Accra–Kumasi corridor, the message is simple: if you are ready to grow, we are building the system to support you.”
Mr Godwin Kudzo Tameklo, Esq., Chief Executive of the NPA, said: “This agreement aligns the NPA’s regulatory mandate with the national economic transformation agenda. We will ensure that the standards for 24-hour operations are clear, enforceable, and designed to protect workers, consumers, and critical infrastructure.”
The 24-Hour Economy and Accelerated Export Development Programme (24H+) is a national economic transformation initiative aimed at expanding Ghana’s productive capacity, promoting value addition, and accelerating inclusive growth.
The South African government has announced a temporary reduction in the general fuel levy from R4.10 per litre to R1.10 per litre, representing a cut of R3 and marking significant relief for motorists and other fuel consumers.
This was announced by the Central Energy Fund (CEF) on behalf of the Department of Mineral and Petroleum Resources.
The reduction, which will last until May 5, is the government’s attempt to shield motorists from a more severe fuel price increase due to the ongoing US-Israel and Iran war.
The measure is expected to cost the government around R6 billion.
Many South Africans have welcomed the latest development, including the Automobile Association (AA).
Reacting to the issue, Chief Executive Officer Bobby Ramagwede told SABC News, saying: “As the AA, we will continue to lobby for the relief to be extended. One has got to take into consideration that the government’s biggest problem is not revenue collection but rather expenditure management.”
Ramagwede added: “R6 billion a month is a figure that could easily be absorbed within the fiscus, so asking for that to be in the form of relief to consumers and the broader economy at large is a relatively small request.”
Although the department has announced an upward adjustment in both fuel grades, the reduction has helped lower the cost of fuel for South Africans.
South Africa’s Department of Mineral and Petroleum Resources has announced an increase in fuel prices with effect from Wednesday, April 1.
Both grades of petrol have gone up by R3.06 per litre, while both grades of diesel have increased by between R7.37 and R7.51 per litre.
Illuminating paraffin has recorded the highest increase, rising by R11.67 per litre.
The latest adjustments to fuel prices come after the government stepped in to cut the general fuel levy by R3 per litre for a one-month period ending on May 5.
This is expected to cost the government around R6 billion in lost revenue.
Motorists across the Asia-Pacific region are switching to electric vehicles at a rapid pace, as rising fuel costs due to the Middle East war force consumers and companies to reconsider their reliance on petrol and diesel vehicles.
The U.S.-Israeli war on Iran has nearly halted shipments through the Strait of Hormuz, which in normal times carries about a fifth of the world’s crude oil and liquefied natural gas, in what the International Energy Agency has called the most substantial supply disruption ever.
More than 80% of the crude that passes through the strait is headed for Asia, making the region one of the hardest hit by the oil shock and leaving both consumers and governments to find ways to ease the rising cost burden.
Australia, a country heavily reliant on fuel for transport across its vast landscape, experienced a 100% uptick in EV loans in March, as more consumers visit showrooms, according to a report from NAB (NAB.AX), the country’s second-largest lender.
Enquiries for EV-related lending from companies have increased 88%, it said.
“We’re seeing more SMEs and larger operators explore EVs and electrification as a way to manage running costs and future-proof their operations, particularly in a period of ongoing fuel price volatility,” said Shane Ditcham, NAB’s executive for business banking.
Surging energy prices are also poised to become a strong tailwind for EV sales in some Asia-Pacific countries like Australia and Japan, where slow-charging infrastructure rollouts and consumer preferences for gas-powered cars capped EV sales growth in the past, analysts said.
Sanshiro Fukao, an executive fellow at the Itochu Research Institute, said Japan is now at a point where “the trend of shifting to EVs is finally starting to move into full swing” due to rising energy costs.
“With the government subsidising petrol prices in Japan, people at the moment still think that it will be OK. But I expect the situation is going to get worse within the month,” he said, adding that could drive a shift toward EVs.
Pure battery-powered EV sales account for less than 2% of total vehicle sales in Japan, as major producers such as Toyota (7203.T), have pushed for the adoption of hybrid vehicles.
Toyota and Nissan (7201.T) are expected to gradually expand their line-ups in Japan, as government subsidies for EV purchases were raised to as much as 1.3 million yen ($8,144) per vehicle starting in January.
And this week, Tesla (TSLA.O), CEO Elon Musk said his company would make a big investment in Japan in terms of service and its Superchargers.
Australia, which has seen rising EV sales in recent years, is also experiencing accelerated momentum, propelled by rising fuel costs.
Searches for EVs on major car-sale websites have tripled over the last month and more than half of Australians would consider purchasing an EV, according to 7NEWS, a local television service.
“I don’t think there’s anyone out there today who has bought an electric vehicle who’s regretting the decision at this point in time,” Australian Prime Minister Anthony Albanese said last week.
In neighbouring New Zealand, more than 1,000 EVs were registered in the week that ended on March 22, close to double the week before, Transport Minister Chris Bishop said last week.
“This makes it the biggest week in EV registrations since the end of 2023,” he said.
South Korea also reported acceleration in EV adoption, with registrations more than doubling in March from a year earlier, lifted by rising fuel prices, competition from Tesla and BYD (002594.SZ), and as consumers rushed to benefit from government EV subsidies.
“While it’s unclear how long the current situation will last, higher oil prices are prompting more people to visit showrooms and take test drives,” said a salesperson at a BYD dealership in Gyeonggi province.
“It’s not the only reason, but it is certainly one of them.”
Growing demand for EVs in the Asia-Pacific region is a major boon for Chinese EV makers, which are focusing more on the export market as sales slow at home. In China, EVs and hybrids already account for more than 50% of total vehicle sales, according to data from the China Passenger Car Association.
“China is already past the tipping point on (new energy vehicle) adoption … (but) it is nothing short of a major EV tailwind in other markets,” said Bill Russo, CEO of Shanghai-based consultancy Automobility.
Zambia has removed Value Added Tax (VAT) and suspended excise duty on petrol and diesel imports for a three-month period beginning April 1, 2026.
The government has also declared the current unstable fuel supply across the country as an emergency.
This decision was made during a Cabinet meeting chaired by President Hakainde Hichilema.
Chief Government Spokesperson Cornelius Mweetwa announced the decision in a statement following the meeting.
Mr. Mweetwa, who also serves as Minister of Information and Media, said the meeting focused on measures intended to support Zambia’s socio-economic development.
He explained that the fuel-related decisions are short-term interventions meant to cushion the economy from the effects of rising global crude oil prices.
Cabinet, he said, expressed serious concern over the ongoing conflict in the Middle East, which has disrupted global oil supply chains, driven up international fuel prices, and increased pressure on domestic pump prices.
“Since Zambia, like many other countries, is experiencing the effects of these supply disruptions, it is essential for the government to update citizens on the situation and on the steps being taken to protect households, businesses, and key productive sectors from the impact of escalating fuel costs.
“In this regard, Cabinet has approved the zero-rating of Value Added Tax (VAT) and the suspension of excise duty on petrol and diesel for three months. These measures take effect at midnight,” Mr. Mweetwa said.
He added that without these interventions, pump prices for April 2026 would have risen significantly, worsening the cost of living.
“The public is urged to remain calm as the government continues to monitor developments closely. The government remains prepared to take additional action if required to safeguard the economy and the well-being of citizens,” Mr. Mweetwa said.
