Fuel price readjustment still under study

Luanda The Secretary of State for Petroleum, Jose Barroso, said Tuesday in Luanda that the Government is still considering the possibility of readjusting the price of fuel, with the gradual withdrawal of subsidies.

Speaking to the press, on the sidelines of the presentation of the consolidated balance sheet of the oil products sector for the third quarter of 2019, Jose Barroso said that the Government is still considering a price correction plan, but the final decision was not taken yet.

So it will no longer be in November. The Government continues to study, could be at the end of the year or early 2020,he said.

In the ongoing discussions, he said, it is planned to subsidize various sectors, such as agriculture and fisheries.

The last fuel price update was made on January 1st, 2016, with the price going from AKz 115 to 160 kwanzas a liter of gasoline, while the diesel raised from AKz 90 to 135 kwanzas.

Despite being the second largest oil producer in sub Saharan Africa, Angola imports 80% of its fuel, due to its low internal refining capacity.

The International Monetary Fund (IMF) recommended in 2018 that fuel sales be adjusted to reflect changes in international prices and the exchange rate by introducing an automatic price adjustment mechanism.

Source: Angola Press News Agency