Cabo Verde began February with a fuel price hike, seeing an average increase of
4.72%. The Regulatory Multisector Agency of the Economy (ARME) cited a
7.80% rise in international fuel prices from December 2024 to January 2025 as the
primary reason. The increase in oil prices is attributed to higher demand caused by
colder temperatures in Europe and the U.S., as well as the implementation of new
Western sanctions on Russia and Iran.
Nelson Faria, President of the Consumer Protection Association, expects further
price hikes in goods and services, including electricity, in the coming months. He
urged the government to invest more in renewable energy sources, like wind, solar,
and ocean energy, to reduce the country’s dependency on imported fuels.
As of February, Cabo Verdeans are now paying 4.9% more for gasoline, 5.6%
more for diesel, and 5.6% more for butane gas. These new prices will remain in
effect until February 28.
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