The price of fuel suffered an average reduction of 1.5 percent of the amount paid in the purchase of petroleum derivatives, found a safe source.
This reduction stems from the update of the maximum fuel prices in Cape Verde to be in force during the current month of March, carried out by the Multisectoral Regulatory Agency for the Economy (ARME).
The phenomenon takes place after the average price of fuel fell 7 percent in December and 10 percent in January, followed by a rise of 4.5 percent in February.
However, the value of fuels for sale in the archipelago is still almost four percent above the prices practiced a year ago.
According to the new maximum price list, which will be in force until the 31st of the current month, a liter of normal diesel is now sold at 134.90 escudos (1.22 euros), a decrease of 5.60 percent, petrol at 143.10 escudos (1.30 euros), plus 3.02 percent, oil at 151.40 escudos (1.37 euros), minus 4.18 percent, and marine diesel at 105.30 escudos (0.95 euros), minus 6.07 percent.
Diesel for electricity, with fossil fuel plants guaranteeing almost 80 percent of the electricity produced in the archipelago, dropped 5.90 percent, to 125.90 escudos (1.14 euros) per litre, while butane gas became sold between 464 escudos and 8,961 escudos (4.20 and 81.00 euros), for bottles of three to 55 kilos, plus 5.85 percent.
In a statement, ARME states that this latest update of maximum fuel prices took into account the introduction of changes to legislation, namely on imports, after, in April, May and June 2022, the Government suspended the mechanism for setting prices, given the economic crisis caused by the war in Ukraine.
The regulator’s note also explains that the fuel price update incorporates changes to the Import Duty (DI) and Special Consumption Tax (ICE) rates and implies an increase in the DI rate on gasoline from 10 percent to 20 percent, maintaining the reduction in the ICE rate on diesel and gasoline, from 10 percent to the specific rate of six escudos (five euro cents) per litre.
