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Tanzania raises fuel prices for 4th consecutive month

Published

1 year ago

October 4, 2023

Tanzania’s Energy and Water Utilities Regulatory Authority (Ewura) has announced an increase in the prices of petroleum products.

The increase, which takes effect from 4th October, is the fourth in consecutive months, with diesel taking the biggest hit. Currently at the capital city of Dar es Salaam, a litre of petrol will now cost Tsh3,281 ($1.31), up from Tsh3,213 ($1.29). A litre of diesel will now cost Tsh3,448 ($1.38), up from Tsh3,259 ($1.30). Kerosene prices have also increased, with a litre now costing Tsh2,943 ($1.18).

The price increase, according to Ewura, is the result of a number of factors, such as rising international fuel prices, higher export taxes, a decline in Opec+’s oil production, and economic sanctions imposed by Western nations against Russia.

“The price increase has been compounded by global factors, with global fuel prices skyrocketing by 4.21%, putting a strain on export charges, which increased by 17% for petrol, 62% for diesel, and 4% for kerosene,” Ewura said in a statement.

The alliance of oil-producing nations known as OPEC, which is led by Saudi Arabia and Russia, has continued to cut its oil output, which also raises the price. It is anticipated that prices will rise further as a result of OPEC’s announcement that it will reduce production by 1 million barrels per day starting in November.

The increase in fuel prices is likely to have a knock-on effect on prices of other goods and services, as businesses pass on the increased cost of transportation to consumers, as has been experienced in other African countries like Angola, Nigeria, and Kenya.

While the rise in the global price of crude oil means more earnings for oil-producing states, it may also connote an inevitable price hike on the “poor population” of these states.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day 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

2 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.”