{"id":271994,"date":"2023-06-03T06:51:22","date_gmt":"2023-06-03T05:51:22","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=271994"},"modified":"2023-06-03T06:51:22","modified_gmt":"2023-06-03T05:51:22","slug":"like-nigeria-angola-cuts-petrol-subsidy-to-promote-economic-growth","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/06\/03\/like-nigeria-angola-cuts-petrol-subsidy-to-promote-economic-growth\/","title":{"rendered":"Like Nigeria, Angola cuts petrol subsidy &#8216;to promote economic growth&#8217;"},"content":{"rendered":"<p>Angola on Friday revealed that it has decided to reduce its spending on petrol subsidy, according to a report by Bloomberg.<\/p>\n<p>The Minister of state for economic coordination, Manuel Junior after the cabinet meeting<span class=\"acssf62a8\"> on Thursday in Luanda, the country\u2019s capital said the subsidy reduction will take effect from Friday.<\/span><\/p>\n<p><span class=\"acssf62a8\">He said this would lead to an increase in the price of petrol from the current 160 kwanzas (about $0.27) per litre, to 300 kwanzas (about $0.51) per litre.<\/span><\/p>\n<p><span class=\"acssf62a8\">The change in price represents an 87.5 percent rise, starting from 1.00 am, on Friday.<\/span><\/p>\n<p><span class=\"acssf62a8\">Subsidies on other <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/03\/31\/timipre-sylva-resigns-as-minister-of-state-for-petroleum-resources\/\">petroleum products<\/a>, such as diesel, cooking oil, and gasoil (a type of diesel),\u00a0<\/span>will remain unchanged, he said.<\/p>\n<p><span class=\"acssf62a8\">The minister said the removal of petrol subsidy is \u201ca necessary measure to promote solid economic growth capable of addressing the serious problems facing the country\u201d.<\/span><\/p>\n<p><span class=\"acssf62a8\">Junior said Angola\u2019s expenditures on fuel subsidies amounted to $3.8 billion in 2022.<\/span><\/p>\n<p><span class=\"acssf62a8\">On her part, Vera Daves, Angola\u2019s minister of finance,\u00a0<\/span><span class=\"acssf62a8\">said removing the petrol subsidy was a sovereign decision of the Angolan state and was not influenced by external pressure from the International Monetary Fund (IMF).<\/span><\/p>\n<p><span class=\"acssf62a8\">According to a government report obtained by\u00a0<\/span><a href=\"https:\/\/english.news.cn\/africa\/20230602\/e5bd4e70398f43d085d010003f19dbca\/c.html\">Xinhua<\/a><span class=\"acssf62a8\">, Angola\u2019s ministry of finance had put forth a proposal for a phased reduction of petrol subsidy beginning in the second quarter of 2023.<\/span><\/p>\n<p><span class=\"acssf62a8\">The report also recommended a gradual and progressive removal of the subsidy on diesel and illuminating oil prices, with the process projected to last until 2025.<\/span><\/p>\n<p><span class=\"acssf62a8\">Angola\u00a0<\/span><a href=\"https:\/\/www.globalpetrolprices.com\/gasoline_prices\/\">has the<\/a><span class=\"acssf62a8\">\u00a0fourth-lowest petrol prices in the world ($0.28) after Libya, Iran, and Venezuela, according to data compiled by Globalpetrolprices.com.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Angola on Friday revealed that it has decided to reduce its spending on petrol subsidy, according to a report by Bloomberg. The Minister of state for economic coordination, Manuel Junior after the cabinet meeting on Thursday in Luanda, the country\u2019s capital said the subsidy reduction will take effect from Friday. He said this would lead [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":271410,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[38],"tags":[20343,2571,7595,303],"class_list":["post-271994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-africa","tag-angola","tag-fuel-subsidy","tag-international-monetary-fund-imf","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Like Nigeria, Angola cuts petrol subsidy &#039;to promote economic growth&#039;<\/title>\n<meta name=\"description\" content=\"Angola on Friday revealed that it has decided to reduce its spending on petrol subsidy, according to a report by Bloomberg.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2023\/06\/03\/like-nigeria-angola-cuts-petrol-subsidy-to-promote-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Like Nigeria, Angola cuts petrol subsidy &#039;to promote economic growth&#039;\" \/>\n<meta property=\"og:description\" content=\"Angola on Friday revealed that it has decided to reduce its spending on petrol subsidy, according to a report by Bloomberg. 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