EU Expends $21 Billion on Fuel Subsidies Amid Nigeria’s Exit

European Union governments have spent €17.9 billion, equivalent to about $21 billion, this year to cushion households and businesses from the impact of higher oil and gas prices, even as Nigeria has largely exited its long-standing petrol subsidy regime. The European Commission, in a note prepared for discussions by euro zone finance ministers on October 8, disclosed that 25 member states had introduced fiscal measures since the outbreak of the Middle East conflict to mitigate the impact of rising energy prices. The measures represent about 0.1 per cent of the EU-27's Gross Domestic Product. The disclosure comes amid renewed volatility in global energy markets, with Brent crude climbing back above $100 a barrel as concerns over refined fuel supplies added to pressure created by the conflict in the Middle East.

Read More