Soaring fuel costs across much of Africa are threatening a resurgence of inflation, just as many countries managed to contain rising prices.
Though oil and gas production have jumped on the continent in recent decades, most countries still import the majority of their refined fuels, leaving them vulnerable to external shocks.
Some nations have pushed for energy independence — Nigeria recently unveiled a refinery that could become the world’s biggest — but the effort may take years.
So in the short term, many have opted to ration energy, despite that choice risking its own devastating outcomes: The oil price shock could “trigger sharp and persistent employment losses” in crude-importing nations, a recent IMF report said.