Fuel subsidies could exceed $1 trillion

According to the UNDP, countries are expanding fuel tax cuts, price caps and subsidies to protect consumers from rising costs, increasing pressure on public budgets.

The UNDP warned that the next few months will be critical as oil prices approach $100 a barrel, borrowing costs rise and El Niño adds to price pressures. The number of countries implementing consumer support measures nearly doubled between April and September, while a prolonged war in Iran could make it increasingly difficult for governments to maintain these policies.