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Fuel prices in Sudan overburden citizens

Fuel prices in Sudan

Khartoum, (Business News Report)|| Fuel prices continue to rise in Sudan, surging by 15% on Sunday, which increases the burden on citizens.

The Sudanese economy suffers from the suspension of foreign aid after last October’s unrest.

Fuel prices rose to 415 pounds ($0.92) per liter of gasoline, up from 362 pounds, according to customers and facility owners. Diesel prices also rose from 347 pounds to 407 pounds.

This increase in fuel prices in Sudan is the most recent, after the transitional government in Sudan in mid-2021 raised fuel prices to levels that reflect import costs, effectively ending government subsidies.

The country’s current military rulers, who have ousted the civilian component, are set to enact a heavily taxed budget to compensate for donors’ freezing of billions of dollars in aid.

Sudan’s tax-dominated budget is fueling further challenges facing the military rulers.

In a related context, remittances from expatriates through official channels in Sudan have declined in recent months, in light of political turmoil and living crises.

Expectations are increasing for a further decline in the price of the pound against foreign currencies, after the value of the local currency fell, recently, to 500 pounds against one dollar.

Expatriates’ remittances

Annually, expatriates’ remittances range between 5 and 8 billion dollars, and represent about 60% of the total foreign exchange sources, according to official data.

Remittances from expatriates have decreased by about 60% during the recent period, according to banking sources, who confirmed that the decline is due to the turmoil that followed the coup and the weakness of the pound.

According to the statistics of the Secretariat of Sudanese Working Aboard, the number of Sudanese officially registered abroad is estimated at about 5 million Sudanese in various countries of the world. But an unofficial census sees that their number exceeds 10 million.

Dollar prices in Sudan have stabilized for a long time, especially after the exchange rate was officially liberalized in March of the year 2021. But the coup carried out by the commander of the Sudanese army, Abdel Fattah Al-Burhan, led to the suspension of the Bank of Sudan auctions.

The auctions provided hard currency for important import sectors at good prices. Their suspension increased the demand for the dollar in the parallel market.

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