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Cameroon: New transport fare hike to fuel inflation in 2024

Cameroon: New transport fare hike to fuel inflation in 2024
  • Comments   -   Wednesday, 28 February 2024 14:53

(Business in Cameroon) - In response to government measures aimed at mitigating the impact of rising super and diesel fuel prices since February 3, 2024, Cameroon's Minister of Commerce, Luc Magloire Mbarga Atangana, signed a decree on February 26, 2024, increasing urban and interurban transport fares across the nation. The new regulation raises the daytime taxi fare from CFA300 to 350, while the nighttime rate will go from CFA350 to 400.

Also, daytime drop-off charges will rise from CFA2,500 to 3,000, and nighttime rates from CFA3,000 to 3,500. "Night fares apply from 10 PM to 5 AM. And the maximum fare for students, persons with disabilities, and schoolchildren is set at CFA300 during the day and CFA350 CFA at night," Minister Mbarga Atangana explained in an official statement issued on the same day.

For interurban travel, the cost per kilometer has now increased to CFA16 from the previous CFA14. "However, the pricing for peri-urban transportation to university towns remains the same as urban taxi transport, regardless of the destination," the Commerce Minister added.

The hike in urban and interurban transportation fares is expected to lead to an increase in market product prices, as transportation is a significant component of consumer pricing. Given the interdependence between fuel prices, transportation, and market goods, the National Institute of Statistics (INS) anticipates a 7% inflation rate in Cameroon for 2024, more than double the 3% threshold established in the CEMAC convergence criteria.

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