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Fuel Subsidy Cut Boosts Angolan Diesel to US$1 Per Litre

Malcolm Manners/Flickr via Wikimedia Commons
Malcolm Manners/Flickr via Wikimedia Commons

Angola kicked off the new year by cutting consumer fuel subsidies, in a bid to protect a national currency that has been buffeted by low oil prices.

Diesel prices increased 80%, to 135 kwanza ($US$1.00) per litre, while petrol is up 39% to 160 kwanza (US$1.18).

“Angola’s Ministry of Finance said in a statement fuel prices were increased to ease the burden of subsidies,” Reuters reports, citing the Angop news agency. The kwanza “has fallen by more than 30% against the dollar in 2015, and put Angola’s public spending under pressure.”