Global Gas Subsidies Soar 72% in 2018
Government over the world spent around $98.54bn on gas subsidies in 2018, up 72% yr/yr, according to updated statistics published by the International Energy Agency (IEA).
Iran ranked first, spending $26n or more than a fourth of total subsidies.
Gas subsidies ($bn):
Total fossil fuel subsidies came to $426.66bn in 2018, about one third more than in 2017, largely as a result of higher fuel prices.
Fossil fuel subsidies ($bn):
These are subsidies on fossil fuel that is consumed directly by end users or is used to generate heat and electricity in the power generation sector.
Iran spent $69.2bn on fossil fuels subsides in 2018, about 54% more than 2017. The figure equals about 18% of the country’s GDP.
Saudi Arabia spent $48.8bn for fossil fuels subsidies, ranking second, while China spent $44.5bn, ranking third.