Key facts
- Governments worldwide are implementing measures to shield consumers from rising energy costs.
- Actions include fuel subsidies, tax cuts, strategic reserve releases, and conservation efforts.
- Argentina, Australia, Austria, Bangladesh, Brazil, China, Egypt, Ethiopia, Greece, India, Indonesia, Italy, Japan, Kenya, Malaysia, Mauritius, Namibia, the Netherlands, Nigeria, Pakistan, the Philippines, and Poland have announced various s
- These measures aim to mitigate the impact of geopolitical conflicts and supply chain disruptions on energy prices.
Governments across the globe are implementing a wide array of measures to shield their populations from the impact of surging energy costs, exacerbated by geopolitical conflicts and supply chain disruptions. These actions aim to mitigate inflationary pressures and ensure energy security.
In Argentina, the government has partially increased fuel taxes but postponed further hikes. Australia is releasing fuel from strategic reserves to address shortages affecting key sectors and encouraging public transport use. Austria has introduced a 'petrol price brake' to cushion consumers from rising oil prices and plans to further reduce its scope. Bangladesh is seeking billions in external financing for fuel and LNG imports and has raised retail fuel prices.
Brazil has announced subsidies for diesel and LPG, alongside reduced taxes on jet fuel and biodiesel, with plans to continue these measures. China is focusing on energy security and self-sufficiency, having tightened restrictions on fertiliser exports and issued quotas for urea to ease global prices. Egypt secured a $1.5 billion loan for food and energy security, is slowing down fuel-intensive state projects, and has capped bread prices. Ethiopia has increased fuel subsidies.
The European Union is allowing member states to spend more on subsidising affected companies and is considering jet fuel stockpiles and coordinating gas storage refills. Greece is providing subsidies for fuel, fertilisers, and ferry tickets, along with additional aid to households and farmers. India has restricted piped natural gas sales, cut LPG supplies to some industries, and increased a windfall tax on fuel exports. Indonesia is limiting fuel sales, promoting 'work from home' policies, and considering a windfall tax on coal exports, while also implementing a B50 biodiesel programme.
Italy has extended a cut in excise duties on fuels and its refineries have increased jet fuel production. Japan is relaxing rules to allow more coal-fired power plant use, releasing oil stockpiles, and offering gasoline subsidies, while seeking diverse energy supplies. Kenya's President William Ruto announced a cut in diesel prices to provide relief. Malaysia has secured energy supplies and is increasing petrol subsidies significantly. Mauritius is introducing energy-saving measures, including curbs on non-essential power use. Namibia will temporarily reduce fuel levies. The Netherlands announced temporary tax breaks for fuel prices and is preparing further measures.