10 Countries That Give The Largest Fuel Subsidy, Indonesia's What Rank?

Illustration (Photo: Doc. Antara)

YOGYAKARTA Indonesia is one of the providing countries for fuel subsidies. Oil Fuel subsidies are needed so that people who are unable to reach fuel at low prices.

Quoted from the official website of the Ministry of Energy and Mineral Resources (ESDM), the subsidized fuel policy makes oil fuel prices below market prices or the economic price.

Apart from Indonesia, there are several other countries that also implement the same policy. So, which countries also provide subsidies for fuel oil? The following is complete information.

In the International Energy Agency (IEA) report, oil is the country's most subsidized fuel.

In 2020, the total fuel subsidy disbursed by IAE member countries was 90 billion US dollars.

Compiled by VOI from various sources, here are the countries that provide fuel subsidies:

1. China

The country that disbursed the largest funds for fuel subsidies was China. As a country with a population of more than one billion people, China provides a fuel subsidy of 21.7 billion dollars.

2. India

The position of the two countries that give the most fuel subsidies in the world is India. In 2020, India budgeted 17.1 billion dollars or equivalent to Rp. 238 trillion (exchange rate of 14,000) for fuel subsidies.

3. Saudi Arabia

The total funds prepared by Saudi Arabia for oil subsidies amounted to 8.6 billion US dollars or Rp. 119 trillion. This figure makes Saudi Arabia the third-largest fuel subsidy country, after China and India.

4. Indonesia

As mentioned above, Indonesia is included in one of the countries providing fuel subsidies. In the 2020 IEA, the funds provided by the Indonesian government for fuel subsidies amounted to 6.9 billion or equivalent to Rp90.6 trillion. The subsidy is provided so that people do not have difficulty accessing fuel.

5. Algeria

The positions of the five largest fuel subsidency countries are inhabited by Algeria. The country budgeted 5.8 billion US dollars, equivalent to 81.2 trillion for fuel subsidies.

6. Egypt

The total fuel subsidy provided by the Government estimated as much as 5.3 billion dollars Or 74.2 trillion, according to the IEA report.

7. Iran

Iran is one of the countries that provides the most subsidies for fossil fuels. In the 2020 IEA report, Iran's amount of funds disbursed for fuel oil subsidies is 5.0 billion US dollars or Rp 70 trillion throughout the year.

8. Venezuela

The country, which is located in the North Ujung of South America, has provided a fuel subsidy of US$4.3 billion or equivalent to Rp. 60.48 trillion.

9. Iraq

In a year, the amount of funds spent by the Iraqi government for fuel subsidies is US$2.9 billion or Rp40.6 trillion.

10. Libya

Libya is the last country to be included in the top 10 largest fuel subsidy countries. The total budget disbursed by the Libyan government for the fuel subsidy is US$2.6 billion.

Those are the ten largest fuel subsidy countries in the world. In addition to the 10 countries, the IAE also noted countries that do not provide fuel subsidies, such as Korea, Russia, South Africa, and Ukraine.