Soaring oil prices are threatening the prospects of millions of the poor in Asia and forcing them into poverty, a report of UNDP regional center Bankok said.
The repot also stated that oil prices tripled over last four years. The prices at present that approaches 90 US dollar per barrel has pushed the Asia and Pacific regions to pay an additional bill of almost 400 billion US dollar for imports compared to the amount spent in 2003, the report said.
According to the report, between 2002-005, the households interviewed while conducting research suffered dramatic price increases- paying an average 74 percent more for there energy needs that included 171 percent more for cooking fuels, 120 percent more for transportation, 67 percent more for electricity and 55 percent more for lighting fuels.
Quoting the highlights of the report, a press release issued by UNDP regional center Bangkok which is serving Asia and the Pacific said Maldives, Cambodia, and Sri Lanka have been ranked under the category of the most vulnerable in Oil Price Vulnerability Index (OPVI).
Similarly less vulnerable countries are Malaysia and Thailand while China and India seem less vulnerable in the index due to their reliance on other kinds of energy.
"Oil prices are starting to put a brake on human development and in some cases, shifting it into reverse"- added the release.
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