In 2024, India leads global tax expenditure on petroleum at $9.71 billion, followed by France and the UK with $8.4 billion and $7.69 billion, respectively. Germany and South Korea reported notable declines in 2023, with a year-on-year decrease of 4.05% and 5.25% respectively. Meanwhile, Portugal surged by 8.18%. Over the past five years, the compound annual growth rate varied widely, reflecting diverse fiscal policies and energy demands.
Future trends to watch include geopolitical shifts influencing tax policies, rising emphasis on sustainability potentially leading to reduced petrol dependencies, and technology advancements promoting alternative energy, thereby impacting petroleum-related expenditures.
Top countries in Tax Expenditure on Petroleum for Consumers by Country
| # | 10 Countries | Million US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 9,710 | 2023 | +6.6% | +8.21% | View data |
| 2 | 2 France | 8,400 | 2023 | +4.14% | +2.85% | View data |
| 3 | 3 United Kingdom | 7,690 | 2023 | +8.36% | +7.22% | View data |
| 4 | 4 Italy | 7,690 | 2023 | +0.99% | +0.13% | View data |
| 5 | 5 Australia | 4,380 | 2023 | +2.95% | +0.42% | View data |
| 6 | 6 Belgium | 3,440 | 2023 | +1.85% | +1.32% | View data |
| 7 | 7 South Africa | 2,430 | 2023 | +5.94% | -1.03% | View data |
| 8 | 8 Switzerland | 2,350 | 2023 | +10.14% | +0.38% | View data |
| 9 | 9 Ireland | 2,110 | 2023 | +5.71% | -1.23% | View data |
| 10 | 10 Sweden | 1,400 | 2023 | -4.72% | +2.98% | View data |
