Rich countries are consuming fuel arbitrarily

  The Russia-Ukraine war is getting longer. Not only these two countries, but almost all the countries of the world are paying the price. Especially the governments of emerging economies are struggling to provide fuel to the people suffering from inflation. India has also been affected by this.

Gas Authority of India Limited (GAIL), a natural gas distribution company, has failed to provide adequate Liquefied Natural Gas (LNG) to consumers. It has been forced to stop supplies to petrochemical plants and fertilizer companies. LNG prices have increased by 1,300% in the last two years.

Troubles for poorer countries After the start of the Russo
-Ukraine war, that is, since February this year, LNG prices have risen by 150%. Despite this, the rich countries of the world are consuming fuel arbitrarily. On the other hand, it is becoming difficult to provide fuel to the people in poor countries. There is a blackout situation in Pakistan, to save electricity in Bangladesh, it is a compulsion to close the market from 8 pm. On the other hand, in order to relieve the public from the rising electricity bill in Mexico, the government has to increase subsidies.

Sharp increase in energy import bills of developing countries
According to energy traders, the supply of gas fixed for India and Pakistan is going to Europe. European countries are buying LNG by paying a higher price. As a result, the energy import bill for developed countries is as high as 2-4% of their GDP, but for developing countries it has gone up to more than 25% of GDP. The situation is getting worse due to the depreciation of the currency. According to Susan Kasmar, assistant professor at the University of Houston, the energy crisis is causing civil unrest around the world.