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(Bloomberg) — Mozambique, one of the world’s poorest countries, raised diesel prices by 46% on Thursday as African governments lift regulated rates to catch up with higher global market prices caused by the war in Iran.
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Ethiopia, Gambia and Zambia have hiked pump prices as much as 26% over the past week. Governments across the continent that regulate fuel prices are increasingly being forced to raise them, even after deploying subsidies and suspending taxes to soften the blow.
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Mozambique had said existing reserves would last through April and signaled they would hold off on adjustments until then, the state-owned Agência de Informação de Moçambique reported at the time, citing President Daniel Chapo.
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Recent post-election riots have made the government wary of raising prices. But gas station pumps running dry and long queues of motorists searching for scarce fuel forced the regulator’s hand.
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Mozambique’s energy regulator ARENE said on Wednesday it would raise diesel to 116.25 meticals ($1.83) per liter from 79.88 meticals on May 7.
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Fuel retailers have been pressing for higher prices, arguing current levels are “not financially sustainable,” according to Maputo-based economist Eduardo Sengo, who added that some filling stations had held back supply in anticipation of an increase.
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Governments can be reluctant to increase pump prices. Angola hasn’t adjusted them since last year and Mauritius did so for the first time since 2023 last month.
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Surging prices are also causing nations to look at their own domestic capacity to store and process fuel.
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Mozambique’s government has been working on a project “to develop national refining capacity, reducing dependence on imported refined products and improving energy security,” Sengo said. “The implementation of this project is becoming urgent.”
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—With assistance from Candido Mendes and Borges Nhamire.
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English (US)