Africa-Press – Cape verde. Fuels are more expensive since 00:00 this Sunday, 1st of May. Thus, for example, diesel increases to 146.10 escudos/liter and gasoline to 181.60 escudos/liter.
Maximum fuel prices were updated by the Multisectoral Economic Regulatory Agency (ARME), under the provisions of the law in force and, under the terms of Decree-Law nº 19/2009, of 22 July, which establishes the guiding principles and the formula for calculating the maximum selling prices to the final consumer.
However, it is recalled that in March, the Government of Cape Verde decided to temporarily suspend the application of the fuel pricing mechanism, in force from April 1 to June 30, 2022, under article 3, no. 1 of Resolution No. 28/2022, of March 25th.
In this context, ARME explains that “continuing the strategy of gradual transfer of real prices on international markets, under the terms of this Resolution and Order No. , the update of the maximum public sale prices for the month of May, in the domestic market, must obey specific parameters, and the “ maximum public sale prices for the month of May, for Butane, Gasóleo Eletricidade, Fuel Oil 180 and Fuel Oil 380, will be fixed considering the levels in force in the month of April”.
As for normal diesel, marine diesel and petroleum, “the upward adjustment limit is set at 7.5%”, while for gasoline, “no restriction is imposed in terms of adjustment, in relation to the result obtained by ARME , depending on the application of the formula for calculating the sale price to the final consumer, provided for in article 7 of Decree-Law No. 19/2009, of 22 June”.
With the exception of Butane, the values of the products mentioned above “are also added by the fraction of partial recovery of the deficit generated in the month of
April and spread over a period of 12 (twelve) months”.
new prices
Thus, according to the new price list, Normal Diesel will be sold at ESC 146.10/L; Gasoline goes to 181.60 ESC/L; Oil at 128.40 ESC/L; Diesel for Electricity at 115.00 ESC/L; Marine Diesel at 110.20 ESC/L; the Fuel 380 at 102.60 ESC/Kg and the Fuel 180 at 107.50 ESC/Kg.
In turn, Butane Gas is now sold in bulk at ESC 177.10/Kg; with 3kg bottles at 505.00 escudos; those from 6 kg to 1062.00 escudos; those weighing 12.5kg at 2213.00 escudos and those weighing 55kg at 9739.00 escudos.
It should be noted that the prices of Butane, Gasoline, Gasoil ULSD 1 and Fuel Oil 0.5% fell by 12.1%, 2.2%, 1.9% and 5.5% respectively and the Jet A1 recorded an increase of 4.2%.
Oil Quotes
It should also be noted that, according to ARME, during the month of April there was some volatility in the prices of Brent 2 oil on the international markets, “recording average declines of 4.78% (105.50 USD), when compared to the month of March. (110.81 USD)”.
Despite the continuity of the war between Russia and Ukraine, ARME also explains that the “drop in oil prices was due to the reaction of the markets to the new confinements in China in the face of the pandemic crisis, the collective action of the International Energy Agency and of the USA to make more oil available from strategic reserves and the downward revision of the IMF regarding the level of economic growth, from 4.4% to 3.6%, which will have an
impact on the levels of oil demand and, also, the decision of OPEC+ to increase production in May to over 432 thousand barrels a day, and the appreciation of the dollar”.
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