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News, Press Releases, & Announcements

News: India to Limit Fuel Subsidies to US$ 8.15 Billion

October 3, 2011

India plans to limit its fuel subsidies at INR 400 billion (US$ 8.15 billion) this fiscal year, scaling down its initial estimate by INR 50 billion following easing crude oil prices and a higher borrowing target, a senior finance ministry official said, as quoted by the Wall Street Journal.

News: Thai Energy Price Subsidies at US$ 4.2 billion in FY 2010

September 30, 2011

The Thai federal government intends to borrow TBH 10 billion (US$ 325 million) from commercial banks to finance domestic fuel subsidies, says Energy Minister Pichai Naripthaphan as quoted by the Bangkok Post.

News: Japan Considers Increased Support for Gas and Oil Fields Abroad

September 29, 2011

Japan's trade ministry is asking to more than triple the amount of subsidies next fiscal year in support of companies developing gas and oil fields abroad, aiming to take advantage of a rise in the yen and to secure stable energy supply, reports Reuters.

News: Cameroon's Fuel Subsidy May Top US$ 600 million by end-2011

September 21, 2011

Cameroon's fuel subsidy bill may top $600 million by the end of the year, 25% over budget, as the central African nation seeks to shelter the public from rising global energy prices in an election year, reports Reuters.

News: Strike Suspended Following Subsidy Payment Promise in Lebanon

September 21, 2011

Lebanese parliament approves monthly LBP 400 000 (US$ 265) fuel subsidy payments to public transportation drivers’ for a three month period, reports online Lebanese news site Naharnet. Following the decision, a drivers’ union nationwide strike was suspended.

News: Pakistan Reports Revenue Loss of US$ 520 Million in Gas Subsidies

September 19, 2011

The Pakistani Ministry of Petroleum and Natural Resources says that the government has been facing revenue loss of PKR 45 billion (US$ 520 million) from providing gas subsidies to industry and power generation companies, reports Pakistani newspaper The Daily Times.

News: Bangladesh Increases Fuel Prices for the Second Time in Four Months

September 18, 2011

The Bangladesh government lifts fuel prices by a maximum of 19% per litre to reduce the subsidy on imports of petroleum products, according to Bangladeshi newspaper The Daily Star. Prices of diesel, petrol, octane and kerosene will rise by BDT 5 (US$ 0.07). Bangladesh increased fuel prices for the second time in more than four months in a move that economists fear will fuel inflation.

News: South Korean Electricity Company Reports Fourth Year of Losses Due to Subsidies

September 16, 2011

South Korea’s main supplier of electricity, Korea Electric Power Corp.’s (Kepco), is likely to post a loss for the fourth year running as price caps aimed at curbing inflation prevent it from passing on higher fuel costs to customers, reports Bloomberg. Kepco posted a KRW 1.64 trillion (US $1.5 billion) loss for the first half of 2011 as capped prices have not risen in line with rising fuel costs or even inflation.

News: India Subsidizes Small Electricity Consumers

September 2, 2011

A week after a 22% increase in electricity tariffs, the Indian federal government takes a decision to provide a subsidy of INR 1 (US$ 0.02) per unit to domestic consumers whose monthly consumption of electricity does not exceed 200 units, reports Indian newspaper The Economic Times.

News: Fossil-fuel subsidies and the UN Climate Convention: A way forward on reporting

June 21, 2011 | Stephen Kretzmann

As progress towards the G-20’s commitment to reform fossil-fuel subsidies remains slow, advocates and champions of reform have begun to look for next steps and alternative paths.

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