UNCTAD Report: Developing economies bear the brunt of fuel price hikes
According to UN News, the UN trade and development agency, UNCTAD, stated in a new report that while the closure of the Strait of Hormuz in February led to a global surge in oil prices, the impact has been unequal. The report highlights that developing economies are paying the highest price at the pump, bearing a significantly heavier economic burden compared to the rest of the world.