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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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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

11 hours ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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Nigeria creates N20bn consumer credit fund for domestic automakers

Published

2 days ago

December 9, 2024

Ifeoluwa Dada

In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.