Petroleum Product Subsidies: Costly, Inequitable, and On the Rise
Petroleum product subsidies have again started to increase with the rebound in international prices. This note reviews recent developments in subsidy levels and argues that reforming the policy framework for setting petroleum product prices is necessary to reduce the fiscal burden of these subsidies...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
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| Schriftenreihe: | IMF Staff Position Notes
Staff Position Note No. 2010/05 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Petroleum product subsidies have again started to increase with the rebound in international prices. This note reviews recent developments in subsidy levels and argues that reforming the policy framework for setting petroleum product prices is necessary to reduce the fiscal burden of these subsidies and to address climate change. Between 2003 and mid-2008, global consumer subsidies for petroleum products are estimated to have increased more than eightfold, from $57 billion to $490 billion. Although subsidies decreased to $136 billion by mid-2009, they are projected to increase to $237 billion by end-2010 (or nearly 0.3 percent of global GDP). Tax-inclusive subsidies, reflecting sub-optimal taxation of petroleum products, are projected to increase to $733 billion, or 1.0 percent of global GDP. G-20 countries account for over 70 percent of tax-inclusive subsidies. Halving tax-inclusive subsidies could reduce projected fiscal deficits in subsidizing countries by one-sixth and greenhouse emissions by around 15 percent. Subsidy reform strategies should contain measures to mitigate the impact of higher prices on the poorest groups |
| Beschreibung: | 1 Online-Ressource (20 p) |
| ISBN: | 1455239100 9781455239108 |
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| 520 | 3 | |a Petroleum product subsidies have again started to increase with the rebound in international prices. This note reviews recent developments in subsidy levels and argues that reforming the policy framework for setting petroleum product prices is necessary to reduce the fiscal burden of these subsidies and to address climate change. Between 2003 and mid-2008, global consumer subsidies for petroleum products are estimated to have increased more than eightfold, from $57 billion to $490 billion. Although subsidies decreased to $136 billion by mid-2009, they are projected to increase to $237 billion by end-2010 (or nearly 0.3 percent of global GDP). Tax-inclusive subsidies, reflecting sub-optimal taxation of petroleum products, are projected to increase to $733 billion, or 1.0 percent of global GDP. G-20 countries account for over 70 percent of tax-inclusive subsidies. Halving tax-inclusive subsidies could reduce projected fiscal deficits in subsidizing countries by one-sixth and greenhouse emissions by around 15 percent. Subsidy reform strategies should contain measures to mitigate the impact of higher prices on the poorest groups | |
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| physical | 1 Online-Ressource (20 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Staff Position Notes |
| spelling | Piotrowski, John M. Verfasser aut Petroleum Product Subsidies Costly, Inequitable, and On the Rise Piotrowski, John M Washington, D.C International Monetary Fund 2010 1 Online-Ressource (20 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Position Notes Staff Position Note No. 2010/05 Petroleum product subsidies have again started to increase with the rebound in international prices. This note reviews recent developments in subsidy levels and argues that reforming the policy framework for setting petroleum product prices is necessary to reduce the fiscal burden of these subsidies and to address climate change. Between 2003 and mid-2008, global consumer subsidies for petroleum products are estimated to have increased more than eightfold, from $57 billion to $490 billion. Although subsidies decreased to $136 billion by mid-2009, they are projected to increase to $237 billion by end-2010 (or nearly 0.3 percent of global GDP). Tax-inclusive subsidies, reflecting sub-optimal taxation of petroleum products, are projected to increase to $733 billion, or 1.0 percent of global GDP. G-20 countries account for over 70 percent of tax-inclusive subsidies. Halving tax-inclusive subsidies could reduce projected fiscal deficits in subsidizing countries by one-sixth and greenhouse emissions by around 15 percent. Subsidy reform strategies should contain measures to mitigate the impact of higher prices on the poorest groups Online-Ausg Coady, David Sonstige oth Gillingham, Robert Sonstige oth Ossowski, Rolando Sonstige oth Tareq, Shamsuddin Sonstige oth Tyson, Justin Sonstige oth http://elibrary.imf.org/view/IMF004/10712-9781455239108/10712-9781455239108/10712-9781455239108.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Piotrowski, John M. Petroleum Product Subsidies Costly, Inequitable, and On the Rise |
| title | Petroleum Product Subsidies Costly, Inequitable, and On the Rise |
| title_auth | Petroleum Product Subsidies Costly, Inequitable, and On the Rise |
| title_exact_search | Petroleum Product Subsidies Costly, Inequitable, and On the Rise |
| title_exact_search_txtP | Petroleum Product Subsidies Costly, Inequitable, and On the Rise |
| title_full | Petroleum Product Subsidies Costly, Inequitable, and On the Rise Piotrowski, John M |
| title_fullStr | Petroleum Product Subsidies Costly, Inequitable, and On the Rise Piotrowski, John M |
| title_full_unstemmed | Petroleum Product Subsidies Costly, Inequitable, and On the Rise Piotrowski, John M |
| title_short | Petroleum Product Subsidies |
| title_sort | petroleum product subsidies costly inequitable and on the rise |
| title_sub | Costly, Inequitable, and On the Rise |
| url | http://elibrary.imf.org/view/IMF004/10712-9781455239108/10712-9781455239108/10712-9781455239108.xml |
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