Algeria Plan to Hike Fuel Prices, Taxes

0
516

World Economy

Tuesday, November 28,2017

Algeria’s lower house of parliament approved increases in subsidized gasoline and diesel prices for the third straight year as part of the 2018 budget, amid government attempts to compensate for a sharp fall in oil and gas revenues, Reuters reported. The budget also includes higher and new taxes on some imported and local products in a bid to diversify funding away from oil and gas exports. The budget calls for a 25% rise in spending after two years of cuts. In order to cover the extra expenditure the government has amended a law to allow the central bank to lend directly to the public treasury. Oil and gas revenues account for 95% of the OPEC member’s exports and 60% of the state budget. State finances have been hit since crude oil prices first fell in mid-2014, forcing the government to cut spending on some subsidized goods and seek new financing alternatives. Algeria has announced plans to reform its subsidy system, which covers almost everything from basic foodstuffs and drugs to energy.

SHARE
Previous articleGhana CB Slash Rate to 20%
Next articleAs Benedict Peters turns 51
Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.