Cape Verde Fuel Prices Hit 2-Year High After 12% Hike
Fuel prices in Cape Verde have surged by 12% this October, hitting their highest levels in nearly two years. According to the latest price tables released by the Multisectoral Regulatory Authority for the Economy (ARME), both gasoline and diesel are seeing their sharpest monthly increases since at least January 2024.
New Price Tiers at the Pump
Motorists will now pay 197.2 escudos (€1.79) per liter for gasoline, while diesel has climbed to 190.3 escudos (€1.73). The double-digit spike reflects a volatile global energy market and significant shifts in currency exchange rates recorded throughout September.
Cooking Gas and Mitigation Measures
The cost of living adjustment extends beyond the gas station. The price of butane cooking gas has risen by 5.7%, bringing the cost of a standard cylinder to 1,868 escudos (€19.96). Despite the hike, regulators noted that the increase would have been even steeper if not for existing government mitigation measures designed to shield consumers from the full brunt of international price swings.
Global Trends Hit Home
ARME attributed the price hike to the rising international cost of refined petroleum products and the weakening of the local currency against the dollar. As an import-dependent nation, Cape Verde remains highly sensitive to fluctuations in the global oil trade, with October’s figures marking a significant peak in the country’s recent economic cycle.
Image: Pexels – Erik Mclean
