Senegal Raises Petrol, Diesel Prices as Global Oil Costs Surge

Senegal has increased the prices of petrol and diesel, citing a sharp rise in global oil prices and the growing financial burden of fuel subsidies.

The new prices took effect on Saturday, August 15, with a litre of super petrol rising by 70 CFA francs to 990 CFA francs, while diesel increased by 75 CFA francs to 755 CFA francs.

The government said prices of other petroleum products would remain unchanged, including cooking gas and fuel used by pirogue operators.

Authorities described the adjustment as a partial and measured response to rising international oil costs, noting that the new prices merely restore pump prices to the levels that prevailed before a reduction introduced on December 6 last year.

According to the government, the increase in global oil prices has been driven largely by the conflict in the Middle East, which began on February 28. Since the outbreak of the conflict, international diesel prices have risen by 69 per cent, while super petrol prices have increased by 61 per cent.

The government said it had delayed adjusting domestic pump prices for as long as possible in an effort to protect consumers from the impact of higher international prices.

However, it said the policy had come at a significant financial cost, with the state absorbing more than 245 billion CFA francs in fuel subsidies since the beginning of the year.

Officials warned that maintaining the existing prices would have required an additional 47 billion CFA francs in subsidies in just one month.

Despite the increase, the government maintained that petrol and diesel prices at the pump remain below their actual import costs.

It also assured citizens that social protection measures would remain in place to cushion the impact of the higher fuel prices, particularly for vulnerable households.

The latest adjustment is expected to place additional pressure on household and transport costs, while highlighting the challenge facing the Senegalese government as it seeks to balance consumer protection with the rising cost of subsidising imported fuel.