Fuel prices in Cape Verde dropped by 30-40 per cent e arly Tuesday, national agency for economic regulation (ARE) said.
According to the new prices set by ARE, petrol sold at 160 escudos/litre (euro 1 .45) will sell for 96.70 escudos (euro 0.87), which is a 40 per cent drop.
For diesel, which is mostly used in Cape Verde, it went from 112.40 escudo/litre (euro 1.02) down to 76.40 escudos (0.69 euros), a 32 per cent drop.
The prices of fuel used to supply the Navy decreased from 84 escudos/litre (0.76 euro) to 54.20 escudos (0.49 euro) and diesel, which is essential for power sup p ly, went from 105 escudos/litre (0.95 euro) to 69.92 escudos (0.63 euro).
ARE that regulates prices in the country said that drop in prices can be explain ed by favourable trends on the international market at the time of purchase.
In the same statement, ARE equally warned that quotations on oil-derived product s on the international market might undergo a “trend reversal” and prices will b e rising again as soon as demands resume.
“With the discrepancy noticed between imports and the entry of goods destined fo r the consumption of a number of products, effects of the ongoing drop in fuel p r ice continue to be felt,” ARE said.
The last drop in oil-derived products prices in Cape Verde Islands was announced by ARE in November with an average of 10 per cent drop.