Togo: Petroleum Prices Reduced in Line with Global Dynamics

Energy

Thursday, 12 December 2024 15:23

Togo: Petroleum Prices Reduced in Line with Global Dynamics

(Togo First) - Petroleum products cost slightly less in Togo since December 10. Gasoil dropped from CFA775 to CFA695 per liter, down CFA80. Super unleaded, mostly used by vehicles, dropped by CFA20 per liter, from CFA700 to CFA680.

The prices were revised in line with an interministerial decree issued on December 9. The Ministries of Trade, Energy, and Transport signed the decree.

The order also indicates that the price of the 2-stroke mixture, primarily used for small-capacity engines, drops from CFA788 FCFA to CFA769, a reduction of CFA19. However, the price of kerosene is the same–CFA650 per liter.

This change marks the first alteration in petroleum product prices in two years; the current rates have been stable since their introduction during a previous increase. The adjustment aligns with a global trend of declining petroleum product prices. As of last week, Brent crude was valued at $71 per barrel, despite OPEC+'s decision to delay an anticipated production increase for three months.

Esaïe Edoh

Togo Courts Commonwealth’s Investors in London

Togo: Petroleum Prices Reduced in Line with Global Dynamics

Social Protection: Lomé Hosted 37th Session of Council of Ministers of Inter-African Conference on Social Security (CIPRES)

social-protection-lome-hosted-37th-session-of-council-of-ministers-of-inter-african-conference-on-social-security-cipres

Togo: New Industrial Investments at CFA196 Billion at End-September 2024

CCI-Togo and Pakistan Forge New Economic Pathways

Togo: High Commission for Reconciliation and the Strengthening of National Unity Wants to Rename Streets and Public Squares

Togo Revenue Office (OTR) to Auction Over 3,000 Lots Including Cars

SAFEM 2024: In Niamey, 50 Togolese Craftswomen Showcase their Skills and Works

Ecobank Togo Wins "Bank of the Year" Award for Fifth Consecutive Year

Togo to Host West African Energy Cooperation Summit Again Next Year

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.