Soaring gasoline prices around the world are forcing governments to slash fuel taxes to appease drivers, a move that may instead support demand and exacerbate the tightness across markets.
The cost of motor fuel, which was high even before Russia’s invasion of Ukraine, has been turbocharged as sanctions caused buyers to shun shipments from the OPEC+ producer. While governments acted to curb inflation, their efforts could shield consumers from higher expenses and undermine the International Energy Agency’s call for oil usage to evolve in a more sustainable way.
READ: IEA Urges Fuel-Saving Steps With Russia Crisis Set to ...
