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.
Sources
- Daily Maverick: https://www.dailymaverick.co.za/article/2026-10-05-south-africa-petrol-price-hike-above-r30-per-litre/
- Mail & Guardian: https://mg.co.za/news/south-africa/2026-10-05-petrol-price-to-hit-record-r30-25-a-litre-in-gauteng-from-wednesday/
- PML Daily: https://pmldaily.com/news/2026/10/ugandas-private-sector-growth-slows-in-september-as-costs-rise-stanbic-pmi-shows.html
- Daily Monitor: https://www.monitor.co.ug/uganda/news/national/shilling-hits-record-low-as-seasonal-demand-piles-pressure-5620526
- Bloomberg: https://www.bloomberg.com/news/articles/2026-10-05/uganda-shilling-weakens-to-record-low-as-dollar-demand-persists
- Radio Ndeke Luka: https://www.radiondekeluka.org/106438-centrafrique-le-gouvernement-augmente-le-prix-du-carburant
- EcoMatin: https://ecomatin.net/pourquoi-touadera-impose-une-nouvelle-hausse-des-prix-des-carburants-aux-centrafricains
- Fortune (Brent price): https://fortune.com/article/price-of-oil-10-05-2026/