Africa-Press – Cape verde. The price of cooking oil has risen by more than 50% in recent days, according to information collected from some stores in Praia. In some cases, the liter reached 350 escudos. The IGAE says it can’t do anything.
According to reports from some people, heard by Inforpress, even this Wednesday, 10th, a bottle of oil was being sold for 210. The next day the price rose to 320 escudos, and there are even stores that are selling for 350 escudos.
The amount of the product displayed in stores has even decreased. Traders claim that the price increase is widespread and is due to product shortages and rising wholesale prices.
IGAE without acting power
Speaking to Inforpress, the Inspector General of Economic Activities, Paulo Monteiro, said that IGAE is already aware of the situation, but that “unfortunately” it cannot do anything because the product is for liberalized sales.
“We don’t have the competence to do that, considering that oil and other products are liberalized. The question that arises here is one of commercial ethics, because there is an exaggeration. People are taking advantage of the situation of the war in Ukraine to solve their problems, but in this case the IGAE has no legal means to take action”, he explained.
“So it’s up to consumers to buy it or not,” he added.
In recent times, there has been a general increase in prices in Cape Verde, as a result of increases in import prices. A situation that could be further complicated by Russia’s military invasion of Ukraine, as predicted by economist and international consultant José Agnelo Sanches.
measurements
Last week, the Cape Verdean government announced that it will adopt measures to mitigate the impacts of increases in the prices of cereals and other foodstuffs as a result of Russia’s invasion of Ukraine.
The Minister of Agriculture and Environment stated that the executive cannot remain indifferent and will take measures to not suffocate populations even more, especially the fringe with greater vulnerabilities.
“We are going to do everything so that, in fact, the Cape Verdean population does not have to continue to bear the excessive fluctuation in prices in such a way that it can make the whole system unbearable and unsustainable”, said Gilberto Silva, guaranteeing that the Executive to look for solutions to avoid the exponential increase in the prices of basic necessities.
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