Tanzania Injects Tsh100 Billion in Fuel Subsidy

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The Government of Tanzania has announced a Tsh100 billion ($43 million) subsidy to reduce the rapidly increasing price of fuel in the country.

Energy minister, January Makamba disclosed this on Tuesday during a meeting with the parliament, stating that the Tanzanian president Samia Suluhu was taking active steps towards ensuring that the high cost of living is reduced to its barest minimum in the country.

Makamba stated that the Suluhu administration was already in the final stages of securing loans from the International Monetary Fund (IMF) to arrest the needs of the people.

“Given the needs of the people, views and advice from members of Parliament and party directives, the government will provide a subsidy of Tsh100 billion for reducing oil prices in the country,” he said.

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Tanzania Injects Tsh100 Billion in Fuel Subsidy (News Central TV)

Following the high rise of fuel prices and other commodities in the country, there has been an outcry, which triggered series of meetings in a bid to find solutions to the nagging situation.

Mr Makamba also revealed that the government intends to authorise the direct importation of fuel by private oil companies in the country.

Other plans include; Fuel Price Stabilisation Fund to protect consumers from the high price of petrol, building of large fuel depot and National Strategic Petroleum Reserve, amongst others.

The price of petrol increased by 9.5 percent, diesel at 17.1 percent, while kerosene went up by 16 percent. In April, prices rose by 12 percent for petrol, with diesel and kerosene rising by 21 percent.

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The energy minister hopes that by the time all plans are effectively executed, fuel price hike will become a thing of the past come August.

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