Subsidies for fossil fuel consumption have come under scrutiny in recent years because of the onerous burden they place on governments’ treasuries—particularly those of oilimporting countries—as a result of rising oil prices. Creating excessive and inefficient energy use, contributing to price volatility, discouraging much-needed investment in the energy sector and incentivizing fuel smuggling are just some of the negative impacts of subsidies that are encouraging governments to take initiatives for their reform.