Fuel prices diverge across West Africa over Iran war
Varying fiscal policies have left some countries’ fuel prices double the level of their neighbors’.
The ongoing Iran war has led to a drastic increase in global oil prices, affecting fuel costs unevenly across Francophone West Africa. Senegal, the second-largest economy in the West African Economic and Monetary Union, has witnessed its fuel prices double to $1.70 per liter this month. In contrast, Niger has maintained relatively stable fuel prices at $0.89 per liter.
The International Monetary Fund had previously cautioned about the "uneven exposure" across the bloc, which comprises eight members sharing a common currency and economic policies.
Senegal's budgetary constraints have forced the country to exhaust its full-year allocation for fuel subsidies. Meanwhile, Côte d'Ivoire, accounting for more than a third of the union's economic weight, has experienced two price hikes within the last three months, reaching $1.61 per liter. Togo has also held fuel prices steady, similar to Niger.
Niamey's economy has been buffered by its limited domestic refining capacity, while Lomé was among the first African nations to acquire refined fuel from Nigeria's Dangote refinery in March.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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