How the Oil Price Hikes Impact African Fishing, Markets and Sustainability

As sanctions on Russian oil and gas threaten to disrupt imports while supply from elsewhere remains limited, economies around the world face the risk of a shortage of diesel and related fuels. Not helping the problem is that the Suez Canal transit fees for ships, including oil tankers, will increase 15% from 1 May.

There’s a clear link between diesel and related fuels and gross domestic product (GDP). Fishing vessels spend a significant part of their budget on fuel but due to rising prices more and more around the world are likely to have to lay up as fishing becomes unviable.