UN Says Global Fuel Subsidies Could Top $1 Trillion
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Fuel subsidies amid the oil price shock could exceed $1 trillion this year, the United Nations said, warning that many governments are running out of fiscal resources to sustain subsidies, fuel tax reductions, or price caps.
Estimates in a United Nations Development Programme (UNDP) report suggest that at current energy prices, global fossil fuel subsidies could easily surpass $1 trillion this year.
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