Central African Republic Increases Fuel Prices by 50%

By Emmanuel Tumanjong

Special to Dow Jones Newswires

The government of the Central African Republic has increased the price of fuel at the pumping station by 50% amid a shortage in the country.

Prior to the price increase on Wednesday, a liter of premium fuel sold for 865 CFA francs ($1.39) and has been increased to XAF1,300.

Central African Republic imports fuel for direct use from neighboring nations.

Energy minister Arthur Bertrand Piri on Friday estimated additional tax income from the price increase of around XAF1.5 billion-XAF2 billion or more as the government plans to invest in other sectors of the economy. "These prices will remain until further notice," Mr. Piri said.

Businesses have started to raise the prices of goods and transport fares have also increased amid the fuel-price increase.

Write to Barcelona Editors at [e-mail]

(END) Dow Jones Newswires

01-06-23 1214ET