Senegal hikes fuel prices amid surge in global oil markets

BusinessSenegal hikes fuel prices amid surge in global oil marketsIn this photo taken Saturday, Dec. 19, 2015, a car rapide, version that will be phased out next year, drives through traffic in Dakar, Senegal.   -   Copyright © africanews APBy Rédaction AfricanewsLast updated: 15/08 - 16:41World NewsSenegal has raised fuel prices in a move the government says is necessary because of the sharp rise in global oil costs. As of Saturday, August 15, super petrol now costs 990 CFA francs a litre, up by 70 francs, while diesel has risen to 755 CFA francs, an increase of 75 francs. Officials say prices for other petroleum products remain unchanged, including gas and fuel used for pirogues.The government said the increase simply returns fuel prices to their level before a cut introduced on December 6 last year. It blames the adjustment on the conflict in the Middle East, which began on February 28 and has driven up international oil prices. Since then, diesel prices have jumped by 69 percent and super petrol by 61 percent. Senegal said it delayed the increase for as long as possible, but claims it has already absorbed more than 245 billion CFA francs in fuel subsidies since the start of the year. Authorities say keeping prices unchanged would have added another 47 billion CFA francs in just one month. The government said the move is partial and measured, and that prices at the pump are still below import costs. It also says social protection measures will continue to shield vulnerable households.You may also like02:04Libya energy crisis leaves parts of oil-rich country struggling 28/08 - 12:50Agriculture: West Africa seeks to speed up the movement of seeds 28/08 - 10:1501:45Panama Canal cuts ship traffic as El Niño threatens water supplies 27/08 - 16:32ShareMore About World News Bassirou Diomaye Faye OilYou may also like02:04Libya energy crisis leaves parts of oil-rich country struggling 28/08 - 12:50Agriculture: West Africa seeks to speed up the movement of seeds 28/08 - 10:1501:45Panama Canal cuts ship traffic as El Niño threatens water supplies 27/08 - 16:32On the same subjectNEWS01:14Spain PM Pedro Sanchez rules out Moroccan role in Ceuta migrant surge 8 minutes agoNEWS00:56Notting Hill Carnival kicks off in a burst of colour and Caribbean tradition 2 hours agoNEWS01:11Iran strikes US bases in Jordan in response to US attack, state TV reports 4 hours agoNEWS00:58Near-total lunar eclipse as moon passes through Earth's shadow 28/08 - 11:55NEWS01:23Police in Ceuta clash with anti-migrant protesters as tensions rise 28/08 - 08:45NEWS01:33SA court postpones extradition hearing of UK man charged with murdering family 28/08 - 07:28More stories01:25General Abdourahamane TchianiCalm returns to Niger's capital one day after failed army mutiny 7 hours ago01:02CoupVote counting underway in Guinea-Bissau referendum that could expand presidential powers 6 hours ago00:56United KingdomNotting Hill Carnival kicks off in a burst of colour and Caribbean tradition 2 hours agoRead the full article at Africanews