Increase in petroleum product prices: the Togolese government explains

Since midnight on June 11, 2021, petroleum products have seen a price increase across the country. To dispel any doubts, the Minister of Trade, Kodjo ADEDZE, the Minister of Transport, Affoh ATCHA-DEDJI, and the Minister of Communication and Government Spokesperson, Akodah Ayéwouadan, held a press briefing in Lomé today, explaining the reasons for this increase.

The government readjusted the prices of petroleum products on the evening of Thursday, June 10, 2021 through an interministerial decree which took effect this Friday, June 11, 2021. Indeed, the government, in an effort to provide explanations for this new increase, faced media professionals this Friday, June 11, 2021.

According to government officials, the increase in petroleum product prices is due to the price of a barrel of oil, which has increased by 277% since 2019. However, the government has chosen to support pump prices until May 31. Government support for consumers amounts to more than 13 billion CFA francs. Given that the state no longer has the means to continue the subsidy, this is why the government has increased prices to give the economy some breathing room.

The price of a barrel of oil rose from $50.70 at the beginning of 2019 to $73.03 as of June 9, 2021. This represents an increase of more than 277%. Despite this increase, the Togolese government continued to support pump prices.

Without the subsidy, he explains, unleaded petrol would cost 595 CFA francs, compared to 505 francs a few hours ago, while kerosene would cost 417 francs, compared to 400 francs a few hours ago.

The other reason cited by these three ministers is the comparison with pump prices in other countries in the sub-region. In this regard, the authorities say they are doing better to relieve the population.
For example, without subsidies, they explain, premium unleaded petrol would cost 595 CFA francs, compared to 505 francs a few hours ago, while kerosene would cost 417 francs, compared to 400 francs a few hours ago. Compared to pump prices in other countries, the government says it has made more of an effort.

While waiting for the repercussions of this new fluctuation in the price of petroleum products to be mitigated, good luck to the population.

Yacoub