Osaka: Finance ministers from the Group of Eight (G8) rich nations stressed on Saturday the importance of cutting energy subsidies as they expressed strong concerns about soaring oil prices.
"Passing on price signals to consumers for example by reducing subsidies, while giving targeted support to the poorest, is also important,'' the G8 said in its joint statement after talks in Osaka, western Japan.
"We commend several emerging market economies for their recent moves in this direction and encourage further progress in this area,'' the statement said.
Want to invest in Stock Market? Get expert advice on your mobile
A slew of Asian nations have rolled back increasingly unaffordable energy subsidies by hiking fuel costs, sparking widespread protests.
