Electricity bills keep soaring amid the global oil price surge. The government shouldered these heavy financial burdens even when global oil prices were at their lowest levels in 2020. Oil prices tumbled when Saudi Arabia significantly hiked production to punish Russia for not agreeing to production cuts. The tug-of-war took place at the same time as the pandemic caused global oil demand to plummet. The current size of the losses was released by the Oil Fuel Fund Office on July 25.
