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News, Press Releases, & Announcements

News: Nigeria Poised to End Fuel Subsidies

Nigeria appears poised to end fuel subsidies, an unpopular move in the oil-rich nation where citizens have come to expect cheap fuel as one of their few government benefits, reports Bloomberg. The government submitted a three-year plan to lawmakers proposing to save US$ 8 billion by phasing out subsidies starting from the 2012 fiscal year. The plan says part of that amount can help the poor.

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

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.

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News: Strike Suspended Following Subsidy Payment Promise in Lebanon

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.

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

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.

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

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. 

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News: India Subsidizes Small Electricity Consumers

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.

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