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...intend to start anew.' LEE MYUNG BAK, President of South Korea, on replacing nine of 10 senior aides after dissent over his agreement to import beef from the U.S. triggered antigovernment demonstrations...
...soaring oil prices, Singh told viewers, New Delhi was forced to roll back generous fuel subsidies, meaning everyone was going to start paying more - possibly much more - to cook their food and drive their vehicles. "There are limits to which we can keep consumer prices unaffected by rising import prices," Singh said, warning that without the change India could run out of funds to import...
...country's budget deficit. State-run gasoline retailers have been losing billions of dollars as well because they are forced to sell to consumers at prices set by New Delhi. When the three largest state-owned oil companies warned recently that they would soon run out of money to import oil, the government finally raised price caps...
...improve the fuel efficiency of vehicles. And, so far, the kinds of ideas floated by U.S. and European politicians - gas-tax breaks or increasing use of biofuels - have not yet been broached in Cameroon. Instead, politicians in Yaoundé have tried to ease the burden by cutting taxes and import duties on basic foods. And they have promised to review fuel prices and to build more refineries to boost fuel supplies. Although Cameroon has rich offshore oil deposits of its own, it has only one refinery in the Atlantic port of Limbe, the output from which is largely exported...
...Cameroon is hardly alone among its African neighbors in needing to import gasoline despite possessing huge oil deposits of its own. But building new refineries could take years, and require many millions of dollars in foreign aid. Until then, Gwat is hoping gas prices do not rise much further. "I spend a lot of my earnings on fuel," he says. "I earn well, but still it is only 150,000 francs [about $353] a month." And given what he pays to fill up in Yaoundé, he'd gladly settle for the new U.S. average price...