Angola Follows Nigeria’s Footstep On Petrol Subsidy

Post created on 3:26 pm

It seems Nigeria is not the only African nation cutting down on petrol subsidy as Angola has taken turns to reduce the country’s spending by moving to suspend subsidies on petrol.

This was after a meeting held at the nation’s capital Luanda on Thursday where the Minister of State for Economic Coordination, Manuel Junior said the subsidy reduction will take effect today Friday.

Junior was quoted saying the reduction will lead to an increase in petrol pump price from the current 160 kwanzas which is $0.27 per litre, to 300 kwanzas approximately $0.51 per litre.

This price change takes effect from 1.00 am, on Friday.

He however said the subsidies on other products such as diesel, cooking oil, and gasoil remain unchanged.

Junior further stated that the removal was necessary as Angola had spent $3.8 billion on fuel subsidies in 2022 and that this measure will help in promoting the economic growth of the country.