Energy crisis set to become worse in debt-ridden countries of South Asia

An unprecedented energy crisis that’s gripping some of the most densely-populated and impoverished parts of South Asia may soon worsen as more fuel suppliers avoid selling oil to these nations.

Fewer companies are offering to sell fuel to state-owned Pakistan State Oil Co, while some banks have stopped financing and facilitating payments for energy imports. Sri Lanka is also struggling to secure fuel from its regular supplier India. Meanwhile, Bangladesh is having to schedule power cuts to preserve its fuel reserves.

Emerging markets across the world have been devastated by surging commodity prices following Russia’s invasion of Ukraine. In oil,