4. By end-2014, retail fuel prices had declined globally, on average, by only half as much as world oil prices. Europe has had the highest pass-through; countries in the Middle East and sub-Saharan Africa have generally had the lowest. Reflecting this, the fiscal costs (explicit and implicit) of low domestic prices have declined and net fuel taxes have increased, implying significant fiscal/quasi-fiscal benefits. Among oil exporters, the lower costs of providing cheap domestic energy have partly offset the loss in hydrocarbon revenue