Angola’s retail fuel prices increased sharply on Friday, according to a statement from state-owned company Sonangol, as the government of Africa’s second biggest oil exporter cut subsidies to consumers.

The price of petrol rose 39% to 160 kwanza ($1.19) per litre and diesel by 80% to 135 kwanza.

Angola’s Ministry of Finance said in a statement that fuel prices were increased to ease the burden of subsidies, Angolan news agency Angop reported.

A sharp decline in global crude prices has weighed on the local kwanza currency, which has fallen by more than 30% against the US dollar in 2015, and put Angola’s public spending under pressure. – Reuters