Angola reports that 22 people have died as a result of protests against the fuel spike

The government of Angola said on Wednesday that the number of people killed in violent protests against a spike in petrol prices had increased from four the day before to 22.

In an attempt to reduce expensive subsidies and support public finances, the government decided to raise the price of diesel by one-third, which sparked a three-day protest by minibus taxi groups on Monday.

The capital Luanda was the initial site of looting, damage, and altercations with police, which later extended to neighboring provinces.

The cabinet of President Joao Lourenco met Wednesday and was briefed on the police response and security situation.

According to a presidential announcement, 1,214 people had been arrested, 197 people were hurt, and 22 people had died. According to the statement, some supermarkets and warehouses had been plundered, and 26 stores and 25 cars had been vandalized.

Since 2023, when a rise in the price of gasoline again led to violent protests, Angola has been progressively eliminating fuel subsidies, supported by the International Monetary Fund and others.

The finance minister of the oil-producing nation in Southern Africa stated that subsidies last year amounted to up to 4% of GDP.

The push to phase out subsidies is being eagerly watched by investors.

According to Pieter Niesten, portfolio manager for emerging market debt at Neuberger Berman, fuel subsidies are expected to contribute to fiscal pressures this year by accounting for 1.8% of GDP, as reported by Reuters.

“Investors and international financial institutions regard subsidy reform as evidence of Angola’s commitment to difficult structural adjustments,” he stated.