When oil prices push higher, Asia squeaks loudest. The region is expected to account for 40 per cent of this year’s rise in oil demand.
So far, consumers have been largely shielded by hefty subsidies. But the subsequent toll on public budgets - indebted Indonesia spent more than $7bn on this last year – is forcing governments to retreat. In recent months China, India, Malaysia, Indonesia and Thailand have all lifted fuel prices, although these are still below market levels.
