For instance, they state that the accountant-general made 128 fuel subsidy
payments each of N999m ($6.
USMAN AMEEN HR Manager The fuel subsidy
removal is illtimed.
The Arab world has a high level of fuel subsidies, estimated at $250 billion a year, half the global fuel subsidy
THE government has exempted oil producers ONGC and Oil India Ltd from payment of fuel subsidy
in the fourth quarter as the finance ministry has agreed to compensate the revenue loss on fuel sales.
During the meeting President Hadi promised the businessmen economic reforms which would accompany the fuel subsidy
cuts, including the removal of "phantom jobs," the addition of new beneficiaries to the Social Welfare Fund's lists, and the fight against corruption.
The imminent removal of fuel subsidy
may be one of them.
But officials reassured that prices had not changed since the fuel subsidy
was lifted, but pointed to a slump in the local market where, they say supply is higher than demand, and that "this is for the benefit of the citizen.
Some carried a mock coffin labelled "Badluck" - a play on the name of President Goodluck Jonathan, who has said the fuel subsidy
was economically unsustainable.
The fuel subsidy
is the only real claim to ownership or bona fide shared interest most people have on resources in their own country.
5 billion), spent on fuel subsidy
, for some better purpose like training and employing young Omanis.
Kamal expects the government to put the second phase of the smart-card system into effect during the 2014/2015 fiscal year (FY) to trim the fuel subsidy
bill and stop fuel profiteering.
The biggest subsidies are concentrated in the Middle East, North Africa, Asia and parts of Latin America, according to the IEA's Fossil Fuel Subsidy