Afripoli

Oil shock spreads from pump prices to African currencies

7 October 2026

Oil above $100 a barrel is now hitting currencies and business activity, not only pump prices, in African fuel importers. South Africa’s petrol price passed 30 rand a litre for the first time on 7 October, and Uganda’s purchasing managers’ index (PMI) fell from 55.0 to 53.0 in September as firms cited fuel and transport costs. Uganda’s shilling hit a record low beyond 4,000 to the dollar on 5 October as energy importers bought dollars, while the Central African Republic raised diesel prices by 12% on 1 October, saying it could no longer fund subsidies. Costlier imports raise inflation and make rate cuts less likely, while oil exporters such as Nigeria and Angola gain revenue.

Energy & Industry · Tags: South Africa, Uganda, Central African Republic, Bank of Uganda, Stanbic Bank

Related Oil near $100 pushes up fuel prices across Africa 6 October

Sources

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