South Korea's presidential office pledged on March 9 to move toward implementing a price cap on fuel that week and added that Seoul is investigating tax evasion and price collusion among refineries and gas stations. The same day, Taiwan activated a mechanism to curb the pace of fuel price hikes, and Kyodo News reported that Japan's industry ministry had instructed 10 storage facilities to prepare for possible releases of special petroleum reserves.

Unleaded gasoline prices in Taiwan rose just 5.5% the week of March 9, instead of the 19.7% they should have risen based on market conditions, according to economic minister Kung Ming-hsin. Since Feb. 27, the U.S.-Israeli war with Iran has severely curbed oil and natural gas flows bound for Asia through the Strait of Hormuz.