Sudan Raises Prices of Gasoline, Diesel

Motorcyclists queue-up for fuel at a gas station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.
Motorcyclists queue-up for fuel at a gas station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.
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Sudan Raises Prices of Gasoline, Diesel

Motorcyclists queue-up for fuel at a gas station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.
Motorcyclists queue-up for fuel at a gas station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.

Sudan's energy ministry raised the price for car petrol to 620 Sudanese pounds ($1.07) per liter from 522 pounds per liter, it said in a statement on Thursday.

It raised the price for diesel to 720 pounds per liter from 672 pounds, it said.

The Ministry said the decision came as part of its monthly revision policy based on international prices of petroleum products.

Meanwhile, Minister of Finance and Economic Planning, Jibril Ibrahim, said on Wednesday that the government is borrowing limited sums of money from the Central Bank, but was still able to control inflation.

The Sudanese economy has been in crisis for years. However, the economic collapse deepened since the military seized control in a coup in October 2021, halting a transition towards democratic elections following Bashir's overthrow in a 2019 uprising.

Meanwhile, western governments have suspended crucial aid in addition to a debt restructuring program that is supervised by the International Monetary Fund (IMF).

Asked about the amount of local currency printed by the Central Bank, Ibrahim said: “Not much. We have a ceiling and fortunately we have not reached that limit.”

Ibrahim told Reuters on the sidelines of the COP27 climate talks in Egypt, that Sudan is borrowing within the limits set by the IMF.

“This is not negatively affecting inflation or the exchange rate,” he said.

International lenders and western donors said economic support to Sudan would resume once a civilian government is established.

Lately, Sudan's military leaders have submitted notes on a draft constitution as a basis for talks under international mediation.



Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.