Some relief at pumps for Africa as oil drops to four-year low
As US President Donald Trumps global tariffs continue to cause chaos in markets around the world, there has been some relief at the pumps for people in Africa.
Fuel prices have been falling across the continent following a decline in global oil prices amid fears that the trade war would depress demand and lead to a global recession.
Over the past week, countries including Ivory Coast, Mali, Morocco, and South Africa have all announced cuts in petrol and diesel prices.
Nigeria was the exception, with prices rising on 2 April as the Nigerian National Petroleum Company adjusted prices upward amid the ongoing phase out of subsidies.
The double shock of the US tariffs plus an unexpected expanded OPEC+ output drove oil prices to their lowest level in almost four years.
But economists warn that market turbulence and the evolving impact of Trump’s tariffs could result in fluctuations.
They said oil markets are dealing with additional volatility as they assess the negative impact on global trade of the new US duties.
By Rédaction Africanews
