The Angolan government has increased the pump price of petrol.
Angola’s Ministry of Finance noted in a statement that fuel prices were increased to ease the burden of subsidies on the government, Angolan news agency Angop reported.
Sonangol the regulatory body in charge of crude oil cut subsidies following the drop in global oil prices.
The resultant impact was a 39% rise in fuel price per litre to 160 kwanza ($1.19) per litre and diesel by 80 percent to 135 kwanza.
Angola, Africa’s second biggest oil exporter as seen its currency fall against the dollar by about 30% in the last one year and finds itself in a similar situation with oil dependent countries like Nigeria.
Saudi Arabia, world’s leading oil producer also announced a 40% increase in price of petrol last week.
Nigeria also introduced a cut in subsidies in December which lead to a new price regime.
Fuel now sales for N86 instead of the N87 Nigerians were paying before.
Nigerian on the average pay over N115.36 for fuel according to the data from the National Bureau of Statistics, suggesting the subsidies actually do not reflect reality.
Nigerian on the average pay over N115.36 for fuel according to the data from the National Bureau of Statistics, suggesting the subsidies actually do not reflect reality.