Mozambique Hikes Diesel 46% as Africa Faces War-Driven Oil Surge

Mozambique, one of the world’s poorest countries, raised diesel prices by 46% on Thursday as African governments lift regulated rates to catch up with higher global market prices caused by the war in Iran.

Ethiopia, Gambia and Zambia have hiked pump prices as much as 26% over the past week. Governments across the continent that regulate fuel prices are increasingly being forced to raise them, even after deploying subsidies and suspending taxes to soften the blow.