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UN warns fuel subsidies may hit 1 trillion
A study by the United Nations Development Programme revealed that the global cost of fuel support could exceed one trillion dollars this year, amid increasing difficulties faced by governments in protecting consumers from rising energy prices due to the Iranian war, inflation challenges, and climate change. Data showed that the number of countries implementing support measures increased significantly between April and September, helping to reduce the number of people living below the poverty line by 130 million. Additionally, soaring energy prices have led to protests and social unrest in at least 10 countries, with forecasts indicating that these shocks will peak in early 2027, further escalating instability and food insecurity across multiple regions.
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