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Cameroon raised its fuel prices with immediate effect from today (Wednesday 2nd February). The rise is about 15 percent. A liter of diesel that cost 575 CFA francs (0.87 euros), will now go up to 720 CFA francs (1.09 euros)
Cameroon raised its fuel prices with immediate effect from today (Wednesday 2nd February). The rise is about 15 percent. A liter of diesel that cost 575 CFA francs (0.87 euros), will now go up to 720 CFA francs (1.09 euros). The rise has been affected by the instance of the International Monetary Fund (IMF), which insisted on the government slashing fuel subsidy.
The rise in fuel prices is accompanied by a 5.2 percent salary rise for civil servants to help soften the impact. According to the IMF, the fuel subsidies were unsustainable under the current international oil price projections. They were poorly targeted to those in need, impacting adversely priority spending. For instance, fuel subsidies represented six times the budget allocated to agriculture, four times that to health, and over three times that to energy and water.
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The IMF, which is committed to give 68.5 million Euro to Cameroon in March this year is putting pressure on the government to carry out measures to mitigate the impact on the most vulnerable, including cash transfers.
