Economic ministers from the Association of Southeast Asian Nations (ASEAN) said they would avoid export bans on essential goods and strengthen regional cooperation on energy, food and supply chains.

Philippine Trade Secretary Cristina Roque said rising oil and transport costs were increasing pressure on food systems and household expenses across the bloc, which relies heavily on imported fuel.

ASEAN also agreed to speed up its regional power grid project and push ratification of the ASEAN Framework Agreement on Petroleum Security to enable coordinated emergency fuel-sharing during supply disruptions.

The issue is expected to feature prominently at the 2026 ASEAN Summit in Cebu next week.

UNHCR said aid shipments that once moved from Dubai through the Strait of Hormuz are now being rerouted from Europe around the Cape of Good Hope, adding up to 25 days in delivery time.

Transport costs for relief shipments from Dubai to Sudan and neighboring Chad have risen from $927,000 to $1.87 million, according to UNHCR spokesperson Carlotta Wolf.

The agency said congestion at Gulf ports, higher fuel prices, rising insurance premiums and truck shortages are worsening the crisis, particularly across Africa.

UNHCR warned that the added costs come as its $8.5 billion global funding appeal remains only 23% funded, limiting support for millions of refugees and displaced people.

India’s gross domestic product is expected to grow 6.7% in the fiscal year ending March 2027, unchanged from the March forecast in a Reuters poll conducted between April 20 and April 27 among 54 economists. That would mark a slight slowdown from the 7.0% growth estimated for the year ended March 31, 2026.

Forecasts for fiscal 2026-27 ranged from 5.9% to 7.5%, while growth was projected to edge up to 6.8% in 2027-28.Economists said the headline outlook masks deeper strain in the informal economy, where businesses and workers are more vulnerable to higher fuel costs, supply disruptions and weaker demand.

India’s shadow economy has previously accounted for nearly half of official GDP readings, although real-time data on its performance remains limited.In urban areas, which generate roughly 60% of India’s GDP, restaurants and hotels have reportedly shortened operating hours, reduced menus or shifted to alternative fuels such as firewood as conflict-related disruptions in the Middle East affect liquefied petroleum gas supplies.

“The informal segment is the worst hit and its ability to absorb shocks is very low. So we will see a ripple effect on jobs and demand,” said Upasna Bhardwaj, chief economist at Kotak Mahindra Bank. “All of that is going to play out if this problem persists beyond the near term.”India revised its GDP data methodology in recent years to improve the capture of informal sector activity, but economists said gaps remain substantial.

Yes Bank Chief Economist Indranil Pan said the disruption to the informal sector would not be reflected significantly in headline GDP figures.“That’s also the reason why we have not really changed our GDP much at this point in time,” he said.Inflation is expected to average 4.5% this fiscal year, according to the poll, remaining within the Reserve Bank of India’s 2% to 6% target range but more than double last year’s pace.

Despite higher price pressures, economists expect the RBI to keep interest rates unchanged through the end of 2027, reflecting concerns over balancing inflation control with growth stability.

Analysts said the government has attempted to cushion the impact of higher energy prices by cutting fuel duties, but a prolonged Middle East conflict could strain public finances and force a reallocation of spending away from infrastructure investment toward subsidies.

Capital expenditure has been a key growth driver in recent years amid weak private-sector investment, and any shift away from it could weigh on medium-term expansion.Aditya Vyas, chief economist at STCI Primary Dealer Ltd, said uncertainty linked to external shocks made a strong recovery in private investment unlikely in the near term.

“If push comes to shove, there could be a situation where a material diversion of funds from capex to subsidies happens,” Vyas said. “Price pressures are imminent and will in the medium term affect the fiscal front.”

Fire Rescue Victoria said crews were called at around 11:15 p.m. local time to the Viva Energy Refinery, where the fire involved liquid fuels and gases and remained uncontrolled as of early Thursday.“All emergency response personnel and Viva employees have been accounted for,” the agency said in a statement, adding there were no reported casualties.

Authorities urged residents in Geelong and surrounding areas to remain indoors and close windows and doors as smoke spread across the region due to shifting winds.The refinery, operated by Viva Energy Group, is one of only two remaining oil refineries in Australia and can process up to 120,000 barrels of crude oil per day.

It supplies more than half of fuel demand in Victoria state and about 10% of Australia’s total fuel consumption.Fire officials said the blaze was contained to the plant, while the company indicated there was no immediate disruption to fuel supplies.

Australia’s Energy Minister Chris Bowen said an investigation would be launched, describing the incident as likely accidental at this stage. He added that while diesel and jet fuel production continued, petrol output could be affected for some time.

The incident comes as Australia faces heightened fuel security concerns linked to disruptions in global energy markets, particularly following tensions affecting the Strait of Hormuz, a critical route for international oil shipments.

Prime Minister Anthony Albanese said last month the government would temporarily cut fuel excise and road user charges to offset rising costs driven by the conflict.

Under a month-long order introduced last week, shops must close by 9:00 p.m. on weekdays and 10:00 p.m. on weekends, with a temporary extension to 11:00 p.m. during the Coptic Easter period. Authorities say the meaaures are necessary as rising global fuel prices drive up Egypt’s energy import bill.

Prime Minister Moustafa Madbouly said the country’s monthly energy costs more than doubled between January and March to $2.5 billion, reflecting Egypt’s dependence on imported fuel to meet domestic demand.

The restrictions have sharply altered life in Cairo, a city known for its late-night economy. Streets that typically remain active into the early hours now empty soon after closing time, with police patrols enforcing compliance.Small businesses have been among the hardest hit.

Shopworker Ali Haggag said his clothing store has lost more than half its revenue since the measures took effect, as evening foot traffic a major source of sales —has been curtailed.Economists warn the impact could be widespread in Egypt’s informal sector, which accounts for roughly two-thirds of employment.

Wael el-Nahas said reduced operating hours translate directly into lower incomes for millions of workers dependent on nightly commerce.The crisis has also affected major industries. Cinema operators report steep losses as late-night screenings typically the most profitable have been eliminated.

Film producer Gaby Khoury said box office revenues have fallen by more than 60 percent, prompting delays in releases and production schedules.Tourism, a key source of foreign currency, faces similar pressures.

While high-end hotels and Nile-side venues are exempt, popular attractions in central Cairo, including markets and bazaars, must close early, limiting visitor spending.

Industry officials say the reduction of evening activity risks diminishing the city’s appeal to tourists.The curbs come alongside broader austerity measures introduced in recent weeks, including fuel price increases, reduced public lighting, and expanded remote work policies.

Authorities say the steps are needed to manage fiscal pressures as energy prices surge following the escalation of conflict involving Iran.The economic strain has coincided with currency depreciation and rising inflation.

The Egyptian pound has weakened by around 15 percent since the conflict began, while inflation reached 13.6 percent in March.

Despite the disruption, some businesses are adapting by reduction staffing hours or employing informal workarounds to continue operations. Others expressed cautious optimism that consumers will adjust to the new schedule.

A 23-year-old rider, Mohammad Mohsin, said his daily earnings have fallen from around 1,500 rupees ($5.38) to about 1,100 rupees as petrol prices climbed above 320 rupees per litre. “Before it was all mine. Now, a huge sum goes into petrol,” he said.

The spike in fuel prices is hitting low-paid urban workers particularly hard, with many riders struggling to cover basic expenses, let alone seasonal spending associated with Eid. Reuters spoke to more than half a dozen riders across Karachi, all of whom said higher petrol costs had significantly reduced their take-home earnings.

The squeeze comes despite increased demand for deliveries during Ramadan evenings and the Eid period, when food orders typically surge.

Pakistan’s inflation rate, which peaked at 38% in 2023, has eased but remains elevated at around 7%, continuing to push up the cost of food, rent and utilities. Many gig workers earn below the monthly minimum wage of 32,000 rupees ($114.67), with no fixed salaries or employment benefits.

Riders said the combined impact of inflation and fuel costs has eroded their purchasing power, forcing them to prioritise essentials over customary holiday spending.

Companies reliant on gig workers, including foodpanda, say they are adjusting pricing and taking steps to support rider earnings.

However, workers say these measures have not kept pace with rising costs, leaving them to compensate by spending more hours on the road.

Austerity measures, school closures and increased work-from-home practices have also reduced ride-hailing demand, cutting into incomes even as delivery volumes rise.

“We cannot afford clothes or shoes,” said Hizbullah, a 26-year-old delivery rider, reflecting a broader sentiment among workers that a typically festive period has become financially strained.