Drop in fuel prices effective

The drop in the price of fuel announced by the Head of State, H.E. Paul Biya in his speech on December 31, 2015, has gone operational.

After the Head of State’s message, the Minister of Trade who is also the Board Chair of the Hydrocarbons Prices Stabilisation Fund (CSPH), Luc Magloire Mbarga Atangana, announced the drop as follows:

- A litre of Super to drop by 20 CFA Francs and be sold at 630 CFA Francs.

- A litre of Gas Oil (Diesel) to drop by 25 CFA Francs and be sold at 575 CFA Francs.

The new prices have been widely welcomed and those who have visited filling stations since January 1, 2016, have confirmed the effectiveness of the new prices.

While some are happy with the drop in prices, others are yet to be satisfied, demanding a more significant drop since in 2014, fuel prices increased by at least 80 CFA Francs.

There are even some consumers who are of the school of thought that the drop in fuel prices if not accompanied with a relative drop in taxi fares, will not benefit many.