Oil subsidies paid by developing countries reached at peak and unmaintainable by most of the developing countries. High subsidies are paid by developing nations for oil and gas. This also means tax payers pay lots of their money for subsidizing oil and gas in India, Sri Lanka, China, Bangladesh, Indonesia, Taiwan and Malaysia.
World oil price reached at record high at $135 a barrel.
Indian oil Public Sector Undertakings may jointly suffer $46 billion this year. Sri Lanka will loosing around $591 million. Malaysia may spend $15.56 billion this year.
Most of these countries are thinking of increasing oil prices. States are running sort of resources for maintaining such a high subsidy now die to continuing oil price rise.
India is going to increase price of Petrol and diesel. I hope business man do not take advantage of the situation and will add only the cost they pay due to higher price of diesel. I saw business man add 1 Rs to each kilo of item you purchase when government increase 1 Rs in diesel, which is not fair. News paper or government should publish what could be the effect of the price rise on important eatables due to the government raised price of petrol and diesel.