The Togolese Government has decided to subside the prices of petroleum products to cushion the people against the high cost of living. A statement issued after a cabinet meeting in Lome said the move reduces the prices of petrol, kerosene and gas oil to their levels in 2006.
A litre of petrol now sells at 505 CFA francs instead of nearly 658 CFA francs. Kerosene now costs 370 CFA francs down from 577 CFA francs and Gas oil 500 CFA francs instead of 712 CFA francs. Despite the crude oil prices on the international market last year. The Togolese Government absorbed the increases. From January to April this year, the government again spent 10 billion CFA francs on subsidy.
The additional subsidy will cost the state about eight billion CFA francs or 19 million dollars.
