Africa sees winners and losers as Iran war pushes up oil prices 🚨
Soaring energy prices have seen winners and losers on the African continent, with oil-rich nations enjoying huge windfalls, while resource-sparse nations are paying the price, resulting in mounting deficits and subsidy costs.
Kenya, which falls in the latter category, is the latest to experience the economic fallout, with the price of diesel surging 24 percent to about $1.60.
“We can’t work as much as we usually would because the price of petrol is so high,” Eric Wainaina, a motorcycle taxi driver in the capital Nairobi who has three children.
“Normally, I’d get 20 to 30 customers a day, but now I’m getting fewer than 10,” he said. “Passengers can’t afford it any more. I’ve had to significantly increase fares because of the rise in petrol prices and the wet season.”