Congo Republic To Increase Fuel Prices Amid IMF Talks

By Emmanuel Tumanjong

Special to Dow Jones Newswires

The Government of the Republic of Congo will increase fuel prices at the end of this month, following negotiations with the International Monetary Fund, or IMF.

A liter of diesel at the pumping station will rise 5.3% to 500 CFA francs ($0.81), and super or premium gasoline will increase to XAF625 from XAF595 a liter from Jan. 31, said the Central African nation's Premier Anatole Collinet Makosso late Friday after negotiations with an IMF delegation.

The move comes as the IMF is asking the country to stop subsidizing fuel and other oil products. It wants prices at the filling station to be increased by at least 50%.

With proven reserves of estimated 2.9 billion barrels, the Congo Republic is Africa's fourth crude-oil exporter with 336,000 barrels produced per day, according to figures from the country's government.

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(END) Dow Jones Newswires

01-09-23 0719ET