Sri Lanka,Malaysia,Indonesia,Pakistan..all hike Petroproduct Prices

With all the flak that the UPA Government has received from the Left and Right.The story remains a global one .
Sri Lanka raised fuel prices on Sunday and Bangladesh said it planned to increase them soon, the latest Asian countries to find that they can no longer afford to shield their people from soaring world oil prices.
Seeking to limit mounting losses at state-owned oil retailers, the two countries announced their steps a day after Indonesia raised fuel prices.
Sri Lanka raised prices for kerosene, gasoline and diesel 14 percent to 47 percent. Bangladesh Petroleum, the country's sole oil importer and distributor, has proposed fuel price increases of 37 percent to 80 percent.
The Indonesian government raised fuel prices on Saturday, inciting protests, but it hopes to offset the higher cost with $1.5 billion in cash handouts to poor families.
With parliamentary and presidential elections scheduled next year in Indonesia, the issue of fuel subsidies there has proved tricky for the government because of the risk of widespread social unrest if fuel and food prices rise sharply.
India is not alone in being forced into a corner by record crude oil prices.The moves follow similar price increases in Indonesia, Pakistan and Sri Lanka and are a recognition by governments that they can no longer shelter their populations from the spike in energy prices.
Malaysia is raising gasoline prices by 40 percent and plans on further increases in the future.
Countries like China and India, along with Gulf nations whose retail oil prices are kept below global prices, contributed 61 percent of the increase in global consumption of crude oil from 2000 to 2006, according to JPMorgan.
Other than Japan, Hong Kong, Singapore and South Korea, most Asian nations subsidize domestic fuel prices. The more countries subsidize them, the less likely high oil prices will have any affect in reducing overall demand, forcing governments in weaker financial situations to surrender first and stop their subsidies.
That is what happened over the past two weeks. Indonesia, Taiwan, Sri Lanka, Bangladesh, India and Malaysia have either raised regulated fuel prices or pledged that they will.
Actions taken by those countries will not be able to tame a rally in prices though unless China, the second-largest oil user in the world, changes its policy. While the West is critical of China's energy policy, there is little outcry for change within the country, except for complaints from two loss-making refineries.
Fuel subsidies compromise countries' ability to control their own budget spending. If China and India can cut their subsidies, they would be able to spend more on infrastructure and education.