Africa-Press – Cape verde. As of today, Sunday, October 1st, fuel prices registered a generalized increase of around 5.82 percent, according to the new maximum price table set by the Multisectoral Economic Regulatory Agency (ARME). Normal diesel, previously priced at 137.90 escudos per liter, is now sold at 146.30 escudos and gasoline, previously priced at 155.10 escudos per liter, rises to 160.00 escudos.
According to ARME’s new price list, normal diesel will now be sold at 146.30 escudos per liter; gasoline at 160.00 escudos per liter; oil at 160.50 escudos per liter; diesel for electricity at 132.60 escudos per liter; marine diesel at 114.80 escudos per liter; the Fuel 380 is now sold at 95.80 escudos kilogram (kg) and the Fuel 180 at 100.20 escudos kg.
Butane gas is now sold in bulk for 150.60 escudos kg, with 3kg bottles selling for 429.00 escudos, 6 kg bottles for 904.00 ESC, 12.5 kg bottles for 1,883.00 escudos and those weighing 55 kg, at 8,285.00 escudos.
Oil production cuts by Saudi Arabia and Russia
According to ARME, the rise in oil prices is due to cuts in oil production by Saudi Arabia and Russia, extending until the end of this year, generating a deficit in global supply of 1.3 million barrels per day last year. quarter.
Another factor, adds ARME, is related to the low levels of shale oil production in the United States of America, which could fall to 9.393 million barrels per day in October, the lowest level since May 2023.
The increase in global demand for oil due to the “robust demand” for this raw material on the Asian continent is another factor, which according to ARME, is also behind the increase in fuel prices.
Fears of increases in reference interest rates
The Multisectoral Economic Regulatory Agency states, however, that this rise in fuel prices was accentuated due to fears of possible increases in reference interest rates by Central Banks to combat inflation essentially driven by high energy prices.
It should be remembered that in the price update on September 1st last September, fuels had registered an average increase of around 9.75%. In percentage terms, the prices of butane, gasoline, petroleum, normal diesel, diesel for electricity, marine diesel, fuel oil 380 and fuel oil 180 increased by 13.32%, 5.30%, 10.76 %, 10.32%, 11.50%, 11.53%, 7.25% and 8.02%, respectively.
The new maximum fuel sales prices to the final consumer are in force until October 31, 2023.
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