Cameroon: Fuel prices rise as subsidies cut

Cameroon has cut some of its costly fuel subsidies, a move that will please international donors calling for reforms, although similar moves have been reversed in the past due to the threat of protests against subsequent price rises. The price of petrol rose by 14 percent and diesel by 15 percent yesterday, while gas prices were up over 8 percent, the government said on Monday. The International Monetary Fund has for years called for a cut in subsidies, which cost about $600 million (R6.3 billion) a year. Cameroon has repeatedly stalled the move after deadly protests in 2008 and Nigeria’s failed bid to cut similar subsidies in 2012. A litre of petrol now costs 650 CFA francs (R14.34), while diesel is up to 600 CFA francs a litre. – Reuters


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