Leading fuel supplier Puma Energy says ongoing disruptions in the global markets show why African countries should invest more in fuel reserves, diverse supply chains and storage infrastructure.
Rising oil prices, driven by the US and Israeli conflict with Iran, are pushing up fuel costs across Africa, a net importer of oil. On Monday, oil hit nearly US$120 a barrel, its highest since 2022. The war has trapped ships carrying about 20% of global oil in the Persian Gulf, blocking the Strait of Hormuz, a narrow passage bordered by Iran. In Zimbabwe, fuel prices have jumped sharply, with further increases expected soon.
Puma, a major supplier in Zimbabwe and across Africa, says Africa needs more investment in energy resilience. “Continued investment in strategic reserves, storage infrastructure and supply diversification will be essential to reducing vulnerability to global shocks,” says Puma.
For now, the company says, the main risk is likely to be “felt through pricing rather than immediate physical shortages”. Puma says its own operations are focused on supply stability.
“As a fuel supplier, we maintain prudent inventory levels, diversified sourcing arrangements and active logistics management to ensure continuity of supply. There is no indication at this stage of disruption to local availability, and we remain focused on delivering stable service to our customers.”
Last week in Parliament, Information Minister Zhemu Soda said Zimbabwe currently holds about two to three months of fuel stocks. But even with these reserves, prices are rising because the Zimbabwe Energy Regulatory Authority sets fuel prices based on the replacement cost, the price suppliers would pay to import fuel today. This is meant to ensure suppliers can keep bringing in fuel without making losses.
Fuel demand in Zimbabwe has been rising steadily. The country used 2.1 billion litres in 2025, up from 1.6 billion litres in 2024. Consumption is projected to reach 2.5 billion litres this year. According to the Reserve Bank of Zimbabwe, the country’s fuel import bill reached US$1.86 billion last year, about 18% higher than in 2024.
Puma has been expanding locally to meet the growing demand. In 2023, the company announced plans to invest US$30 million over three years to grow its storage and retail network in Zimbabwe.
