Now Reading
Government Plans to Reduce Fuel Prices in October

Government Plans to Reduce Fuel Prices in October

The Minister of Economy and Finance, Max Tonela said this Friday, 16th of September in Maputo that the Government foresees a reduction of fuel prices next October, depending on the drop of oil barrel in the international market.

“The increase in the general level of prices occurs due to exogenous factors to our economy, which results from the increase in the prices of oil products. Our assessment is that the situation of the international prices of the liquid fuel products has stabilised and is with a decreasing tendency, it has reached a little bit more than 120 dollars per barrel and at this moment it has been negotiated around 94 to 95 dollars a barrel”, Max Tonela began by explaining, to say that “we project that, at least in October and eventually in November we may have the reduction of the prices of liquid fuels in Mozambique and in this way positively influence the reduction of inflation”.

The Minister was speaking after receiving the mission from the International Monetary Fund, which gave a positive assessment of the package of measures to stimulate the economy announced by the President of the Republic.

“In terms of the stimulus package, our assessment is that the policies fit well with the objectives of our programme, on the one hand, and on the other, the measures are interesting as they aim to support economic growth and growth of the private sector,” said Álvaro Pires, head of the IMF mission.

On the country’s macroeconomic situation, Álvaro Pires said, “there is a recovery in the economy. We have raised our growth forecast for this year to 3.8 percent, and of course we are looking at inflation, which reflects a global phenomenon. We now have an 11 percent inflation forecast for the year,” he said, reiterating that “we are seeing a panorama of macroeconomic stability that is due in large part to the good management of the government.”

See Also

The International Monetary Fund rules out any possibility of providing a financial package at this time to the country to combat the crisis caused by external shocks, because “for now the assessment is that it is not necessary. We have funding required for the needs we are seeing for the coming years. At the IMF it is always possible to talk about this, but now it is impossible,” Álvaro Pires said, stressing that “at this moment in time, the country has several loans from the last few years, so this is a possibility, but it is not necessary at this time.

SUBSCRIBE TO GET OUR DAILY NEWSLETTER

Get our daily newsletter directly in your email

close
SUBSCRIBE TO GET OUR DAILY NEWSLETTER

Get our daily newsletter directly in your email

© 2021 360 Mozambique by Media 4 Development. All Rights Reserved.

Scroll To Top