This is also exactly correct. The actual reason is that fossil fuels are highly subsidized in most developing countries, so the only impact this has is in reducing the subsidies paid by the government exchequer.
Some sections of society might be subsidized (poor, inputs to fertilizer industry etc) but overall the price of gas is quite high (India: $4.18 per gallon, Brazil: $4.30). Its almost at same level as California and without any activism.
During the oil highs of 2011-2012, prices reached as high as $5.5 per gallon.
Developing countries generally can't afford to subsidize fossil fuels. The only developing countries where fossil fuels are highly subsidized are the few countries with substantial domestic oil production e.g. Iran and Venezuela, not most of them.