The new prices for petroleum-derived fuels, decreed by the Economic Regulation Agency, go into effect as of today, October 24. The record high in oil prices on the international market is behind the Agency’s decision, thus confirming forecasts made over the course of the past several weeks. The new fuel prices in Cape Verde are an average of 10 escudos more expensive per liter. Butane gas, for its part, saw a reduction in its price.

According to a press release from the Economic Regulation Agency, the price of diesel oil rose from 85.20 escudos to 94.20 per liter. Gasoline prices went up from 123.40 escudos to 142.50, while kerosene rose to 80 escudos from 78.60. Diesel for marine purposes rose from 64.60 to 68.60 escudos per liter.

The only fuel that saw a price reduction was butane gas, which went down from 141.92 to 135.20 escudos per liter. This decrease comes due to the rectification of prices the Economic Regulation Agency decided to introduce based on a cost structure analysis.

According to the Agency, the increase in the price of crude oil on the international market inevitable ended up “having repercussions in terms of petroleum product prices, which naturally follow the same trend, albeit to a certain degree mitigated by the decreasing value of the dollar.”

Source: A Semana