Angolan Fuel Prices Increase as Government Cuts Subsidy

Source: www.gulfoilandgas.com 1/1/2016, Location: Africa

Angola's Ministry of Finance said in a declaration fuel prices were increased to ease the burden of subsidies, Angolan news agency Angop reported.

Angola's retail fuel prices increased sharply, according to a declaration from Sonangol, as the government of Angola cut subsidies to consumers. The price of petrol rose 39% to 160 kwanza ($1.19) per litre and diesel by 80% to 135 kwanza.

A sharp decline in global crude prices has weighed on the local kwanza currency, which has fallen by more than 30 percent against the dollar in 2015, and put Angola's public spending under pressure.


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