The Minister of Economy and Finance, Max Tonela, said last Friday that fuel prices may decrease in the country, following a trend of reduction in the cost of crude oil in the international market.

The governor was speaking at a press conference that marked the end of a 15-day mission of the International Monetary Fund (IMF), which evaluated the assistance program to Mozambique.

"We project that at least in October and eventually in November we can have a reduction in fuel prices in Mozambique," Tonela said.

The Minister of Economy and Finance said that the decrease in prices of oil products will reflect the trend of the last two months, the period that serves as a barometer for setting prices in Mozambique.

"The international liquid fuel price situation has stabilized and is on a downward trend. It peaked at $120 a barrel and right now it has been trading around $94 to $95," he emphasized.

Noting that accumulated inflation in Mozambique will exceed double digits, closing the year at 11% against 7% that the executive initially projected, Max Tonela noted that the move in crude prices aims to alleviate the erosion of purchasing power that Mozambican consumers have been experiencing in recent months.

He also emphasized that the general rise in prices in the country is the result of external factors, mainly the impact of the Russia-Ukraine war, which has affected fuel and food.

Max Tonela noted that inflation would be higher in the country if the authorities had not tampered with the costs associated with the logistical structure and profit margins inherent in importing and distributing fuel in the country.