Angola raised the diesel price by 33%, the third increase this year as authorities press ahead with fuel-subsidy cuts that have been encouraged by the International Monetary Fund.
The price will rise to 400 kwanzas ($0.43) per liter on Friday from 300 kwanza previously, the Petroleum Derivatives Regulatory Institute said in a statement late Thursday.
The increase is part of a “gradual adjustment of fuel prices,” it said. Previous hikes were announced in March and April.
The IRDP said prices of other fuels, including gasoline and liquefied-petroleum gas, will remain unchanged in Angola, Africa’s third-largest oil producer. The IMF said in February that Angola should do more to eliminate subsidies that cost about $3 billion last year — similar to the amount the government spent on health and education last year.
The latest hike follows an IMF-World Bank review of Angola’s financial system that ended last month.
Source: By Candido Mendes from Rigzone.com