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Cote d'Ivoire acts to counter rising oil prices

In Hungary

The government of Cote d'Ivoire announced a series of measures to counter the fallout of rocketing oil prices.

Following consultations with labor unions, the government brought down the price per liter for diesel from 785 African francs ($1.89) to 685 African francs ($1.65). The price of lead-free gasoline was left unchanged.

At the beginning of July, the Ivorian government had increased the price per liter for lead-free gasoline from 615 African francs ($1.48) to 795 African francs ($1.92), while the price per liter of diesel was raised from 545 African francs ($1.31) to 785 African francs ($1.89).

The government has also decided to cut taxes levied on taxi drivers, and provide transportation subsidies to civil servants across the country.

The various measures will cost the authorities 200 billion African francs ($4.82 billion). The money will mainly come from salary cuts for cabinet ministers, control of officials' travel costs and the cutting of some other budget expenditures.

In order to fight the rising oil prices, the government in April began to implement three-month price control policies, which were extended for another three months in early July. (Xinhua)

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