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Tunisia defends hike in fuel prices, three times in six months

Fuel prices in Tunisia have been raised for the third time this year. The last increment of 4% was effected on Friday. Earlier adjustments were made in January and March, 2018

Published

6 years ago

July 2, 2018

Africa News Watch

Fuel prices in Tunisia have been raised for the third time this year. The last increment of 4% was effected on Friday. Earlier adjustments were made in January and March, 2018.

The Tunisian government, led by Prime Minister Youssef Chahed, says it is seeking to reduce the public budget deficit.

However, watchers of the economy believe that the price reviews are aimed at meeting the requirements of international lenders, as the International Monetary Fund (IMF) had urged Tunisia to raise energy prices and the retirement age to reduce the budget deficit and support economic growth.

Fuel prices now stand at TND 1.925 ($0.741), up from TND 1.85 dinars, effective Saturday, according to an official statement by the energy ministry.

The government is determined to see the policy fully implemented in spite of concerns over its full import for inflationary trends in the country.

‘The State is obliged to increase the selling prices of certain petroleum products according to the significant rise in the prices of hydrocarbons on the international market, and also on the basis of the mechanism of automatic adjustment of the prices of these products, decided since 2008 and entered into force in 2016, ‘said Tuesday Minister of Energy, Mines and Renewable Energies, Khaled Kaddour.

The minister, who was speaking to journalists at the Kasbah’s government palace, said that the application of this mechanism requires an adjustment every three months or even less, either upwards or downwards, of selling prices of petroleum products at a rate not exceeding 5%.

‘The state bears a very heavy subsidy of petroleum products,’ he said.

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”