Fuel prices are falling in many African countries, thanks to a drop in global oil prices and fears of a global recession caused by trade wars. Over the past week, countries like Ivory Coast, Mali, Morocco, Ghana, and South Africa have all cut petrol and diesel prices, bringing some relief to drivers.
Nigeria, however, is an exception. On April 2, the Nigerian National Petroleum Company raised fuel prices, blaming it on the removal of subsidies.
This all comes after a double hit to the global oil market. U.S. tariffs and a surprise increase in OPEC+ oil production have pushed prices to their lowest in nearly four years.
However, economists warn that the oil market is still shaky. According to them, the tariffs could cause more ups and downs as the world adjusts to the impact of U.S. trade policies.
In Ghana, Transport Minister Joseph, Bukari Nikpe has promised that transport fares won’t go up for now, even though fuel prices have dropped.
His statement comes as the public calls for cheaper fares, especially after transport unions had earlier threatened to raise prices when fuel costs were high.
Meanwhile, amid the ongoing market turbulence triggered by his extensive tariffs, U.S. President Donald Trump remains unfazed, comparing the economic measures to “medicine” even as alarmed investors engage in a widespread sell-off of global stocks.
“We have been treated so badly by other countries because we had stupid leadership that allowed this to happen. They took our businesses, they took our money, they took our jobs.”
President Donald Trump insisted on Monday that oil prices have gone down, and he urged the U.S. Federal Reserve to lower interest rates. He also stated that he won’t stop until other countries trade fairly with the U.S.
