Home | News    Sunday 3 July 2005

Petrol prices hit two dollar a litre in Eritrea

separation
increase
decrease
separation
separation

ASMARA, July 3 (AFP) — Fuel prices in Eritrea over the weekend went up again by 28 percent as world crude oil prices continue to remain high, officials said Sunday.

The third increase in nearly 10 months brings petrol prices to 32 nakfa (2.13 dollars, 1.8 euros a litre), while that of diesel remained unchanged and retails at 12.6 nakfa (0.84 dollars, 0.7 euros) a litre.

Fuel prices began getting high last October and were hiked again in April this year, a move authorities in the tiny Horn of African blame on continuing rise in global crude oil prices that surged Friday by 2.25 dollars (1.8 euros) to close at 58.75 dollars (49.1 euros) a barrel in New York.

Diplomats say Eritrea is currently faced with a foreign currency shortage which has affected fuel imports, while since February private companies have no right to import oil.

"Because the government lacks currency and wants us to leave our dollars in the Eritrean banks," said one trader.

The country is also facing shortages of a number of basic commodities, including sugar and in May government opened shops to retail food at reduced prices.

Per capita income in Eritrea, one of the world’s poorest nations which relies entirely on oil imports for fuel, is only about 130 dollars (100 euros) and the country has been in a sustained economic downturn for several years.

After the 30-year 1961 to 1991 independence struggle against Ethiopia, the economy was devastated by the border conflict with its larger neighbor between 1998 and 2000.

In January, Eritrea introduced new financial controls intended to boost the economy that require all monetary transactions to be conducted in the nafka and all foreign currency to be exchanged at the national bank at the official rate.

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.


s
Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Paul Malong’s Saga: Losers’ desperation 2017-11-24 07:39:29 By Lucy Ayak Malek, For a woman used to living a simple private life, the situation of the past few months has really pushed me into a position where I have been confronted by very powerful (...)

Mugabe’s Dictatorial End: A Great Lesson for South Sudan 2017-11-20 08:40:27 by Matai Muon In Africa’s model of democracy, serving longer equates to a higher level of democratic peace and stability. From Sudan to DRC, Equatorial Guinea to Uganda, Rwanda to Zimbabwe, the (...)

South Sudan peace revitalization is priority 2017-11-18 13:06:33 By Clement Maring Samuel The SPLM political detainees (FDS), and SPLM in Government (SPLM-IG) holds to views of achieving peace through the reunification of the SPLM party, and through the (...)


MORE






Latest Press Releases


Reactions to government agencies’ conspiracy against Greater Bor community 2017-10-08 07:54:31 By Manyok Abraham Thuch & Kuch Kuol Deng A monkey business or a donkey business in the government of the republic of South Sudan against the citizens is unacceptable. Therefore, we as youth (...)

Amnesty calls to release Nubian activists detained over protest for cultural rights 2017-09-12 20:47:54 AMNESTY INTERNATIONAL PRESS RELEASE 12 September 2017 Egypt: Release 24 Nubian activists detained after protest calling for respect of their cultural rights Egyptian authorities should (...)

New group formed to gather Nuer in United States 2017-08-17 14:15:50 DECLARATION FOR THE FORMATION OF NUD TO BRING TOGETHER ALL NUER IN THE U.S.A Press Statement The Nuer Union For Development (NUD) The United State of America The State of Nebraska August 15, (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.