Oil price surge brings little cheer to Asia

As a net importer, region faces inflationary pressures and volatility risks

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20180126_shanghai gas stations

In much of developing Asia, consumers are already starting to feel the impact of higher crude costs on gasoline prices.

Crude oil's spectacular climb to the $60-$70 a barrel should boost government revenues for Asia's major oil-producing countries such as Indonesia, Malaysia, Australia and Vietnam.

But for the region as a whole, a growing net importer of oil that is powered by emerging economies with a fast-growing appetite for fuel, it poses the risk of inflationary pressures.

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