Consumers in many Asian countries are missing out on the benefits of a global slide in oil prices and instead paying more at the pump as governments cut down on expensive energy subsidies. The race to cut subsidies is part of an effort by new governments across the region to rein in spending and cut deficits. But the moves threaten to suppress fuel demand growth in Asia at a time when energy use is already crippled by weak economic activity. “Subsidy cuts probably rank as the third most-significant factor affecting oil demand in Asia after slow economic growth and currency depreciation,” London-based Barclays analyst Miswin Mahesh said.