Angola cuts fuel subsidies

Angola’s retail fuel prices increased sharply on Friday, according to a statement from state-owned company Sonangol, as the government of Africa’s second biggest oil exporter cut subsidies to consumers.

The price of petrol rose 39 percent from N115 kwanza to 160 kwanza ($1.19) per litre and diesel by 80 percent to 135 kwanza.

Angola’s Ministry of Finance said in a statement fuel prices were increased to ease the burden of subsidies, Angolan news agency Angop reported.

A sharp decline in global crude prices has weighed on the local kwanza currency, which has fallen by more than 30 percent against the dollar in 2015, and put Angola’s public spending under pressure.