State plans to cut fuel price subsidies by 56% by 2024
According to the Document de programmation économique et budgétaire à moyen terme 2024-2026 (2024-2026 medium-term economic and budgetary programming document), the budget allocated to transfers and subsidies is expected to fall from 1,172.8 billion FCFA in 2023 to 1,033.2, a decrease of 139.5 billion FCFA (-11.9%). This projected decline is mainly attributable to the allocation to support fuel prices at the pump. This should fall from 453.3 billion FCFA in 2023 to 200 billion FCFA in 2024, i.e. a drop of 253.3 billion FCFA in absolute terms and 55.8% in relative terms. The document produced by the Budget Department of the Ministry of Finance (MINFI) anticipates this reduction in subsidies by : "the combined effects of lower world prices and higher pump prices".
