• Côte d’Ivoire and Benin join other WAEMU states in raising fuel prices after global oil surge
• Brent crude has climbed about 60% since the Iran conflict began, driving import costs higher
• Some countries hold prices steady, risking budget strain as inflation pressures build

Fuel prices across the West African Economic and Monetary Union, WAEMU, are beginning to diverge as governments respond in different ways to the global oil shock triggered by the war in Iran.

In separate decrees issued on April 30, Côte d’Ivoire and Benin announced new pump prices for petroleum products, effective May 1, 2026. Both countries now join Mali and Guinea-Bissau among WAEMU members that have raised fuel prices since the conflict began and sent global crude markets sharply higher.

Since the United States launched military action in late February, benchmark crude prices, including Brent and West Texas Intermediate, have climbed by about 60% from prewar levels, regularly trading above $100 a barrel. Disruptions in shipping through the Strait of Hormuz, a key route that once carried around 20% of global oil consumption, have added to the pressure, increasing import costs for countries that rely heavily on foreign supply.

Four countries raise prices

Across WAEMU, governments are weighing the trade-off between protecting public finances and shielding households from higher living costs.

In Côte d’Ivoire, authorities kept prices unchanged in April but adjusted them for May. Gasoline now sells for CFA875 ($1.56) per liter, up from CFA820. Kerosene rose as well, from CFA705 to CFA745 per liter.

Benin took a more uneven approach. Gasoline and diesel each increased by CFA30, bringing prices to CFA725 and CFA750 per liter. Kerosene, however, jumped sharply from CFA639 to CFA1040, an increase of more than 60%.

Mali had already raised prices in March in response to the crisis in the Middle East. Gasoline climbed from CFA775 to CFA875 per liter, while diesel rose from CFA725 to CFA940. These increases come as the country faces additional pressure from an embargo imposed by armed groups, which has disrupted fuel imports for months.

In Guinea-Bissau, authorities have made two adjustments since the conflict began. In the latest revision, gasoline reached CFA899 per liter and diesel CFA898, up from CFA794 and CFA786 after the first increase in March. The transitional government, in place since the November 2025 coup, cited volatility in global oil markets.

Others hold the line—for now

Not all countries have followed suit. Niger, Togo, Burkina Faso, and Senegal have kept fuel prices unchanged since the start of the conflict, though the stability is becoming harder to sustain.

Niger still has the lowest official gasoline price in the region at CFA499 per liter, but shortages are emerging. In Maradi, the country’s third-largest city, some stations have run out of fuel, while informal markets report prices above CFA700 per liter.

In Senegal, gasoline remains at CFA920 per liter, the highest in WAEMU despite a CFA70 reduction in December 2025. President Bassirou Diomaye Faye said his government does not plan immediate changes but left the door open if the conflict drags on.

“While many countries are fully reflecting market prices, we are keeping fuel costs lower for now to protect purchasing power,” he said in an interview on May 2. “If global conditions shift, we will clearly inform the public of any decisions.”

Togo has held gasoline at CFA680 per liter since December 2024, placing it among the least exposed countries in the bloc. Burkina Faso has also maintained its price at CFA850 per liter for more than three years, with no change linked to the Iran conflict.

For countries that have raised prices, higher transportation costs are already the most visible impact, with broader inflation expected to follow as food and imported goods become more expensive. The Central Bank of West African States projects inflation at +0.4% in March and +0.8% in April 2026, driven in part by rising fuel costs linked to the Middle East crisis.

For those holding prices steady, the immediate relief for consumers may come at a growing cost to public finances.

Emiliano Tossou