What Measures Have African Countries Implemented to Mitigate Rising Fuel Prices Amid Middle East Crisis?
What Measures Have African Countries Implemented to Mitigate Rising Fuel Prices Amid Middle East Crisis?
Several African countries have already implemented the measures to shield their consumers and key economic sectors from rising global prices amid the Middle East crisis.
Gambia: The Gambian government decided to subsidize motor fuel costs by reducing the diesel price by 24% to $1.29 per liter and gasoline price by 3% to $1.32, according to the statement of the Ministry of Petroleum.
South Africa: The Ministry of Mineral and Petroleum Resources announced the monthly fuel price adjustments and a decrease in fuel levy by approximately $0.17.
Namibia: The Ministry of Mines and Energy reduced fuel levy by 50% for at least three months until the end of June to protect consumers from rising petroleum costs, media reported.
Ethiopia: Speaking to media, Finance Minister Ahmed Shide noted that the government implemented subsidies to maintain domestic fuel prices relatively stable amid the Middle East tensions.
Zambia: The government adopted zero-rating of value added tax and suspension of excise duty for a three-month period, starting from April 1.
Zimbabwe: The temporary removal of taxes on diesel was announced by the government to preserve economic stability from external turmoil, a local media outlet reported.
Morocco: The ministerial commission maintained subsidies for gas to ensure its price for households remain unchanged amid global supply disruptions, according to local media.
Kenya: The government is going to set price ceiling using the petroleum development levy, Treasury Secretary John Mbadi announced.
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