Sudan Lifts Subsidies on Three Oil Products

Source: Reuters 1/27/2016, Location: Africa

Sudan lifted cooking gas, jet fuel, and fuel oil subsidies by ending a government monopoly over the products as global oil prices slide, the finance ministry said, opening up the market to the private sector.

All administrative constraints, taxes, and tariffs on the products are lifted and private sector companies are now allowed to use all payment methods, the ministry said in a statement.

The removal of the cooking gas subsidy led to a 200 percent rise in the commodity's price, making 1 kilogram of cooking gas, also known as liquefied petroleum gas, worth 6 Sudanese pounds ($0.9885), up from 2 pounds previously.

Sudan's economy was hit hard in 2011 when the south seceded, taking with it three quarters of the country's oil, estimated at 5 billion barrels of proven reserves by the U.S. Energy Information Administration.


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