Cameroon plans to gradually increase the retail price of refined oil

Cameroon’s oil price stabilizes on the 7th that due to the continuous rise in international crude oil prices, the refined oil consumption subsidy policy implemented since the beginning of 2008 has placed a heavy burden on state finances. The government of Karratha considers to gradually reduce the subsidy expenditure and increase retail sales of refined oil products. price.

During the interview with the Xinhua News Agency on the 7th, the director of the Ministry of Technology of the Kazakstan Oil Price Control Department pointed out that the unified retail price of refined oil products has been lower than the actual price of the products determined by the international crude oil market, and the difference has continued to increase. The implementation of the subsidy policy has so far been the government. Subsidy spending totaled more than 700 billion U.S. dollars, or about 1.5 billion U.S. dollars.

Since crude oil produced in Cameroon’s own country is heavy oil, the equipment of the State-owned oil refinery can only handle light crude oil, so most of the crude oil produced by Khartoum is exported, while the state-owned oil refineries need to import light crude oil to refine refined oil for domestic and neighboring markets. Crude oil import costs fluctuate with the international market. The retail price of refined oil is regulated by the government. The price difference between the two is subsidized by the public finance to the state-owned oil refinery.