Editorial: Surely, there must be a way around fuel price increases

Africa has allowed itself to be exposed to international shocks.

The continent's leaders should meet and decide, once and for all, whether this cycle continues or ends.

Thursday’s fuel increase, driven by instability in the Middle East and the vulnerability of global supply routes such as the Strait of Hormuz, is beyond Africa’s control. What is not beyond control is continued dependence on imported refined fuel.

Some will again argue about capacity, as if the continent lacks the skills to refine its own oil. What is lacking is coordination and political will. Africa produces an estimated 7 to 8 million barrels of crude oil per day, much of it exported to Europe and Asia, yet refines relatively little of its own oil.

This forces countries to import finished fuel at higher prices. Angola offers a clear example. It ensures the state receives a share of oil production in crude rather than relying solely on taxes and royalties.

This allows the government and Sonangol to market cargoes themselves and secure deeper participation in the petroleum value chain. Africa’s biggest problem is not resources or expertise, it is a persistent, defeatist acceptance of dependence.