By: Ecofin Agency

Senegal has raised the price of premium gasoline to 990 CFA francs ($1.70) per liter from 920 CFA francs. The increase was announced on Aug. 14, 2026, in a statement from the Prime Minister’s Office setting new fuel prices.

Diesel prices also rose to 755 CFA francs per liter from 680 CFA francs, an increase of 75 CFA francs.

The government attributed the decision partly to the growing burden of petroleum product subsidies on public finances. Since the start of the year, the government estimates that those subsidies have cost more than 245 billion CFA francs. Without the adjustment, it would have had to spend an additional 47.27 billion CFA francs on subsidies between Aug. 15 and Sept. 12, according to the ministry.

The increase comes amid volatility in global oil markets. Driven by geopolitical uncertainty in the Middle East, crude oil prices have risen in recent months. According to the statement, diesel and premium gasoline prices on international markets have increased by 69% and 61%, respectively, since the start of the conflict, raising supply costs for countries reliant on imported petroleum products.

The pressure on prices comes as Senegal seeks to expand its domestic oil and gas production. The offshore Sangomar field produced about 16.9 million barrels of crude oil in 2024, its first year of operation, according to official data. With output targeted at 100,000 barrels per day, the field is expected to increase the oil and gas sector’s contribution to Senegal’s economy over the long term.