Togo: Prices of petroleum products on the rise as global oil prices increase

Oil and gas

samedi, 12 juin 2021 14:43

Togo: Prices of petroleum products on the rise as global oil prices increase

In Togo, prices of petroleum products, at the pump, were increased on Friday June 11th. The decision was enacted by a decree from the ministry of trade and economy.

Now, super unleaded will be sold at 505 FCFA instead of 425 FCFA, kerosene at 400 FCFA instead of 375 FCFA, diesel at 520 FCFA instead of 450 FCFA and 2-stroke at 606 FCFA instead of 532 FCFA.

Gas, for their part, are sold at the same price -6,500 FCFA for the 12 kg cylinder and 3,120 FCFA for the 6kg cylinder.

According to the government, the changes are due to fluctuations in global oil prices. The new prices were proposed by the Comité de suivi des fluctuations des prix des produits pétroliers (CSFPPP) and approved by Lomé.

The increase, it should be noted, comes a year after prices of petroleum products decreased. It’s attributable to a continuous rise in the price of barrels of oil and Brent, starting at the end of April 2021.

In London, for example, oil prices soared again after the release last Thursday, by the Organisation of the Petroleum Exporting Countries (OPEC), of an optimistic monthly report. Indeed, in the document, the organisation said it expects demand for oil to rapidly grow in the second half of the year.

"The recovery of global economic growth, and therefore oil demand, is expected to accelerate in the second half of the year."

REFORMS OVERVIEW

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