The Cape Verde government has approved a 10% reduction in the price of diesel for semi-industrial and industrial fishing vessels for a period of three months, in a move aimed at easing operating costs for boat owners. The measure came into effect on Tuesday, 20 October, and will be financed by the Autonomous Fisheries Fund (FAP) up to a ceiling of approximately 46,000 euros.

The decision, established by a Council of Ministers resolution, follows a near-doubling in the price of special fishing diesel since the start of the year — rising from 0.71 euros per litre in January to 1.39 euros per litre in October.

The subsidy applies to active semi-industrial and industrial fishing vessels that are properly registered and hold a valid licence. The FAP will cover 10% of the per-litre price through compensation payments made directly to fuel distribution operators, with vessel owners bearing the remaining 90%.

The president of the Association of Fishing Vessel Owners (APESC), Suzano Vicente, welcomed the decision, though he noted that the discount falls short of offsetting the full increase in operating costs.

“We wanted more, but 10% of something is always better than 100% of nothing,” he told Rádio Morabeza.

Vicente nonetheless acknowledged the country’s fiscal constraints, describing the support as providing some degree of relief to operators in the sector.

“We are aware of the country’s economic and financial conditions, which is why this reduction, even if modest, is welcome,” he said.

The measure comes as the government seeks ways to cushion the impact of rising fuel prices. Earlier in October, the president of the Movement for Democracy (MpD), Paulo Veiga, called for the reactivation of price containment mechanisms.

The government has since announced that it is studying a revision of the fuel price mitigation mechanism, following further fuel price increases in October in line with movements in international markets.