Governments that rushed to cut fuel taxes after the start of the Iran war must swiftly phase out costly universal energy subsidies, the OECD’s new chief economist said.
More than 25 countries — ranging from EU member states to emerging markets such as Brazil and India — have cut duties on fuel to shield consumers from the energy price shock driven by the conflict. Alternatives, such as price controls, subsidies or cash handouts, have been less widely adopted.
But Stefano Scarpetta, who became chief economist at the Paris-based organisation this month, told the FT that tax cuts, while quick to implement, were too expensive to keep in place for long.
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